TLDR
- Prediction market Kalshi is reportedly in advanced talks to raise about $1 billion at a $40 billion valuation.
- Sequoia Capital and Wellington Management are in talks to lead the funding round.
- Tiger Global Management and Dragoneer Investment Group could also join the deal.
- Kalshi was valued at $22 billion after a $1 billion Series F round in May.
- The Financial Times first reported in June that the deal could close in the third quarter.
Prediction market platform Kalshi is in advanced talks to raise about $1 billion in new funding. The round would value the company at $40 billion, according to a report from Reuters.
Reuters published the report on Sept. 29, citing people familiar with the matter. The deal has not yet been officially announced.
If completed, the new valuation would be close to double what the company was worth just four months ago.
Who Is Leading the Kalshi Funding Round
Sequoia Capital, an existing Kalshi investor, is in talks to lead the round. Wellington Management is also in talks to co-lead the deal.
Tiger Global Management and Dragoneer Investment Group could also take part. Both firms are known for investing in private technology companies.
The people who spoke to Reuters did not share final terms. The list of investors and the exact amount raised could still change before the round closes.
Cointelegraph reached out to Kalshi, Sequoia Capital, Wellington Management, Tiger Global Management and Dragoneer Investment Group for comment. None of them gave an immediate response.
How Kalshi’s Valuation Has Grown
Kalshi closed a $1 billion Series F funding round in May. That round valued the company at $22 billion.
The May valuation was double what Kalshi was worth in December. This means the company’s value climbed quickly in about five months.
A $40 billion valuation would put Kalshi at nearly twice its May level. Based on the reported figures, it would also be close to four times its value from December.
Kalshi runs a platform where users can trade on the outcomes of real-world events. These can include elections, economic reports and sports results.
Reports that the company wanted funding at a $40 billion valuation are not new. They first surfaced in June.
The Financial Times reported on June 24 that Kalshi was in talks to raise money at that valuation. The paper said the deal could close as soon as the third quarter of this year.
The third quarter of 2026 ends today, Sept. 30. The latest Reuters report shows the talks have moved forward, but no final deal has been confirmed.
The size of the new round matches the company’s last raise. Both the May round and the one now under discussion are about $1 billion each.
For now, Kalshi has not publicly confirmed the new round or its terms. The latest reports point to Sequoia Capital and Wellington Management leading a roughly $1 billion raise at a $40 billion valuation, with Tiger Global Management and Dragoneer Investment Group possibly joining.
