Kalshi Seeks Funding at Roughly $40 Billion Valuation, Nearly Double Prior Target

Kalshi is seeking to raise new capital at a valuation of about $40 billion, CoinDesk reported. The figure nearly doubles the $22 billion valuation targeted in its previous funding round. The new round could close as soon as the third quarter of 2026, according to people familiar with the matter cited by the Financial Times.

Completion would widen Kalshi's valuation lead over rival Polymarket, which has been seeking funding at a $15 billion valuation. Kalshi operates as a federally regulated U.S. exchange. Its prior round drew investors including Coatue Management, Sequoia Capital, Andreessen Horowitz and Morgan Stanley.

Chief executive Tarek Mansour said on June 24 that an initial public offering would not occur before 2027. " Mansour also stated: "People start asking that question. " Kalshi did not immediately respond to a request for comment on June 24.