Kalshi, a US-based prediction markets platform and federally regulated exchange, is seeking new funding at about a US$40 billion valuation and could close the round as soon as the third quarter of 2026, according to people familiar with the matter.

The talks would value Kalshi above its previous round in May 2026, when it raised US$1 billion at a US$22 billion valuation, with backing from Coatue, Sequoia Capital, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley, and ARK Invest.

Chief executive Tarek Mansour said on June 24 that Kalshi is considering a future initial public offering, but not before 2027.

Kalshi was designated by the US Commodity Futures Trading Commission as a designated contract market in November 2020, allowing it to offer event contracts under federal derivatives rules.

The comparison with rival Polymarket is not fully like-for-like. Polymarket paid US$1.4 million to settle Commodity Futures Trading Commission charges in 2022 and later blocked US users.

Kalshi also faces regulatory risk after states including Nevada, New Jersey, and Maryland sent cease-and-desist letters over its sports event contracts.

However a federal appeals court in April let Kalshi continue operating in New Jersey while the case proceeds.

🔗 Source: CoinDesk

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