Kalshi is in advanced discussions to raise at least $750 million at a $40 billion valuation, The Information reported, citing people familiar with the matter.
Sequoia Capital and Wellington Management are considering leading the round, which could ultimately exceed $750 million. Sequoia is already an investor in Kalshi, while the deal would mark Wellington’s first investment in the prediction market company.
The potential financing comes about three months after Kalshi raised $1 billion at a $22 billion valuation in May.
Kalshi has benefited from growing prediction market activity, with annualized revenue reportedly reaching $4 billion in July, driven largely by 2026 World Cup trading. Sports contracts account for more than 80% of its volume.
The company is also considering a potential public listing in 2027, CEO Tarek Mansour said in June.
The reported $40 billion valuation would put Kalshi well ahead of rival Polymarket, which has recently been seeking funding at a $20 billion valuation.
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