Kalshi, the US-based prediction market platform, is reportedly in talks to raise fresh capital at a $40 billion valuation — nearly double the $22 billion it was worth just last May.
The Financial Times reports the round could close as soon as Q3 this year. If it does, Kalshi’s value will have jumped eightfold in under twelve months.
Not bad for a company that launched publicly in 2021.
Kalshi closed a $1 billion Series F in May led by Coatue Management, with Andreessen Horowitz, Sequoia Capital, Morgan Stanley, and Ark Invest chipping in. Before that, it was valued at $11 billion in December and $5 billion in October. The growth trajectory is steep.
What’s driving it? Prediction markets exploded in 2024 around the US presidential election, and Kalshi has pulled ahead of Polymarket in trading volume since September 2025, partly thanks to a Robinhood partnership for NFL and college football markets. As of May, Kalshi’s monthly notional volume hit $17.9 billion versus Polymarket’s $7.1 billion.
The broader space is heating up. Cboe Global Markets just launched its own prediction market platform. Meta is reportedly building a prediction markets app. And several US states are suing Kalshi and Polymarket over whether their sports contracts count as unregulated gambling.
Kalshi declined to comment on the funding talks.
