TLDR
- Kalshi has sold $1.12 billion in equity since April, according to an SEC filing.
- About $380 million remains available under the nearly $1.5 billion offering.
- Kalshi’s Series F round in May valued the company at $22 billion.
- Kalshi is reportedly in talks for a new round at a $40 billion valuation.
- July trading volume reached about $40 billion, more than Polymarket’s total for the month.
Kalshi has raised $1.12 billion in equity since April, according to a new U.S. securities filing. The filing was submitted to the Securities and Exchange Commission on August 25.
It shows the prediction market operator’s total offering at nearly $1.5 billion. About $380 million remains unsold.
The filing does not say which funding rounds make up the $1.12 billion already sold. It may include Kalshi’s earlier Series F round.
Funding Rounds Have Raised Kalshi’s Valuation
Kalshi’s Series F round closed in May. It was led by Coatue and valued the company at $22 billion.
Other investors included Sequoia Capital, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley, and ARK Invest.
The round doubled Kalshi’s valuation from $11 billion, a level the company had reached only months earlier. Before that, Kalshi had raised $300 million at a valuation of about $5 billion.
Kalshi also reported fast growth around the time of the Series F. Annualized trading volume rose from $52 billion to $178 billion in six months.
Institutional trading volume increased 800% over the same period. The company also reported more than two million monthly users.
A New Round and Possible Public Listing
Investor talks have continued since May. The Financial Times reported in June that Kalshi was seeking a new round at a valuation of about $40 billion.
That figure would be about 82% higher than the $22 billion Series F valuation reached two months earlier.
In August, The Information reported that Kalshi was in advanced talks to raise at least $750 million at the $40 billion valuation. Sequoia Capital and Wellington Management were said to be discussing co-leading the round.
Sequoia is already an investor in Kalshi. It is not clear if the $750 million round is part of the $1.5 billion offering listed in the SEC filing.
Kalshi has also started early talks with investment banks about a possible public listing, though no timeline has been set. Its annualized revenue run rate had passed $2 billion when those talks were reported.
Trading volume kept climbing through the summer. Kalshi processed about $40 billion in volume during July.
That was more than the combined volume of rival platforms Polymarket and Polymarket US during the same month.
Sports contracts make up most of Kalshi’s trading. Sports made up roughly 85% to 90% of platform volume, according to figures discussed in May.
Kalshi has expanded beyond prediction markets into crypto derivatives. It launched regulated Bitcoin perpetual futures earlier this year, followed by Ethereum contracts and filings for products linked to XRP, Solana, Dogecoin, and Hyperliquid.
Kalshi’s perpetual futures volume passed $5.5 billion within about two weeks of launch, according to Bloomberg figures cited in June.
Kalshi operates as a designated contract market regulated by the Commodity Futures Trading Commission. That status has led to disputes with states over sports-related contracts, resulting in lawsuits in states including Illinois and New York.
The company’s most recent filing does not confirm whether the remaining $380 million will be sold or name any new investors.
