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- Kalshi is reportedly finalizing a new funding round led by Sequoia Capital and Wellington Management that would value the federally regulated prediction market at approximately $40 billion.
- The massive valuation jump, positioned as a potential final private raise before a public listing as early as 2027, highlights rapidly accelerating investor interest as sports-focused trading volume surges across event-contract platforms like Kalshi and rival Polymarket.
Kalshi is reportedly closing a new funding round at a $40 billion valuation, a deal that would mark a sharp jump for the CFTC-regulated prediction market ahead of a possible IPO as early as 2027.
The reported round matters because it would position Kalshi among the most highly valued companies in the broader wagering and prediction-market space. It also underscores how quickly investor interest has grown around federally regulated event-contract platforms as sports-related trading volume expands.
According to Bloomberg, Sequoia Capital and Wellington Management are in talks to lead the raise. The deal is expected to be Kalshi’s last private funding round before a public listing. Kalshi CEO Tarek Mansour told CNBC in June 2026 that the company was considering going public, while ruling out a debut in 2026.
Valuation jump follows rapid growth
If completed at $40 billion, the round would value Kalshi at nearly four times its reported $11 billion valuation from December 2025. Bloomberg also reported that Kalshi raised capital in March 2026 at a $22 billion valuation.
Documentation viewed by Bloomberg showed gross margins of about 90%. As of August 2026, a person familiar with the figures told the outlet Kalshi had an annualized revenue run rate of roughly $4 billion.
Founded in 2018, Kalshi lists contracts tied to outcomes including elections and film awards. Over the past year, however, sports has reportedly accounted for most of the exchange’s activity. User-compiled data on Dune Analytics showed Kalshi’s trading volume exceeded $40 billion in August 2026.
Why Kalshi’s model stands out in US wagering
Kalshi operates as a designated contract market under oversight from the Commodity Futures Trading Commission. That federal structure allows it to offer contracts nationwide under one set of rules, unlike traditional sportsbooks, which generally answer to state gaming regulators and must operate under different state-by-state requirements.
That distinction has made prediction markets an increasingly important part of the US wagering conversation, especially as they draw activity tied to sports outcomes.
Bloomberg separately reported that rival Polymarket is finalizing its own funding round at a $21 billion valuation, led by 1798 Capital. Both Kalshi and Polymarket are regulated in the US as financial exchanges by the CFTC, according to the report.
What comes next is whether Kalshi formally closes the round and whether IPO plans become more concrete. Based on Mansour’s June comments, a public listing would not come in 2026, but Bloomberg reported it could happen as early as 2027.
Source: As reported by Stefana Apetrei.
