Key facts
- Kalshi is reportedly seeking to raise capital at a $40 billion valuation.
- This valuation nearly doubles its previous valuation of $22 billion.
- The fundraising could close as soon as the third quarter.
- Rival Polymarket is reportedly seeking funding at a $15 billion valuation.
- Kalshi's CEO indicated an initial public offering is not expected before 2027.
Kalshi is reportedly seeking to raise new capital at a valuation of approximately $40 billion, nearly doubling its previous valuation and widening its lead over rival Polymarket. The prediction markets platform aims to close the fundraising deal as soon as the third quarter, according to the Financial Times. Polymarket is reportedly seeking funding at a $15 billion valuation. Kalshi operates as a federally regulated exchange in the U.S., attracting mainstream and institutional investors, while Polymarket utilizes blockchain infrastructure and cryptocurrency settlements, gaining traction with crypto traders. The company's previous funding round, which valued it at $22 billion, included investors such as Coatue Management, Sequoia Capital, Andreessen Horowitz, and Morgan Stanley. Amidst these fundraising discussions, Kalshi's CEO, Tarek Mansour, indicated that the company is considering an eventual initial public offering, though not before 2027.