Why is Kalshi seeking funding at a US$40 billion valuation?

Kalshi is seeking new funding at a reported US$40 billion valuation as investor interest in prediction markets continues to grow. The proposed valuation would be up from US$22 billion in May, US$11 billion in December and US$5 billion in October.

What are the details of Kalshi's previous fundraising round?

Kalshi raised US$1 billion in a Series F round in May at a US$22 billion valuation. The funding round was led by Coatue Management and included Andreessen Horowitz, Sequoia Capital, Morgan Stanley and Ark Invest.

How is Kalshi performing compared with Polymarket?

Kalshi reported US$17.9 billion in monthly notional trading volume during May, compared with US$7.1 billion for Polymarket. Kalshi's reported target valuation of US$40 billion would also exceed Polymarket's reported US$15 billion valuation from April.

What does Kalshi's growth mean for the prediction market industry?

Kalshi's reported rise from a US$5 billion valuation in October to a potential US$40 billion valuation highlights growing investor interest in prediction markets. The company has expanded its presence through partnerships and increased trading activity across its platform.

What legal challenges is Kalshi facing in the United States?

Kalshi is facing legal disputes with several US states that argue some of its event contracts should be regulated as sports betting products. The US Commodity Futures Trading Commission has maintained that prediction markets registered with the agency fall under federal oversight.

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Kalshi targets $40B funding valuation

Written by Heidi Cuthbert Published Jun 25, 2026, 3:43 AM

Kalshi is reportedly seeking new funding at a US$40 billion valuation, up from US$22 billion in May.
The proposed valuation would exceed rival Polymarket’s reported US$15 billion valuation from April.
Investor interest in prediction markets continues to grow despite ongoing legal disputes across several US states.

Kalshi is reportedly in discussions to raise new capital at a US$40 billion valuation, a move that would nearly double its US$22 billion valuation achieved during a US$1 billion Series F funding round in May.

The reported valuation follows a period of rapid growth for the prediction market operator, whose valuation rose from US$5 billion in October to US$11 billion in December before reaching US$22 billion earlier this year.

Kalshi declined to comment on the reported fundraising discussions.

The company's May funding round was led by Coatue Management and included participation from Andreessen Horowitz, Sequoia Capital, Morgan Stanley and Ark Invest, while the Financial Times reported that a new round could close as early as the third quarter.

Kalshi's reported US$40 billion target valuation would be more than double Polymarket's reported US$15 billion valuation from April, and following the report the Kalshi share price was unchanged at N/A because the company is privately held.

Founded in 2018 by Tarek Mansour, Kalshi gained market share during the 2024 US election cycle and later expanded its reach through a partnership with Robinhood that allowed users to trade contracts linked to NFL and college football outcomes.

According to Token Terminal data, Kalshi recorded US$17.9 billion in monthly notional trading volume during May compared with Polymarket's US$7.1 billion, while the company also faces ongoing legal challenges as several US states seek to classify certain prediction market contracts as sports betting products.