Kalshi targets $40 billion valuation, nearly doubling previous round

Prediction market platform Kalshi is seeking new funding at a $40 billion valuation, nearly double its previous $22 billion round. The company is also weighing an IPO, though not before 2027, widening its lead over crypto-based rival Polymarket.

• Kalshi is raising capital at a roughly $40 billion valuation, up from $22 billion in its last round
• The deal could close as soon as Q3 2026, according to a Financial Times report
• Kalshi's valuation would far exceed Polymarket's reported $15 billion target
• Backers include Coatue Management, Sequoia Capital, a16z, and Morgan Stanley
• CEO Tarek Mansour said the company is considering an IPO, but not before 2027

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Last updated 25 Jun 2026