Kalshi Discusses $750 Million Raise at $40 Billion Valuation

Kalshi is in advanced talks with Sequoia Capital and Wellington Management to raise at least $750 million at a $40 billion valuation. The round would nearly double its May valuation while the company reports $4 billion in annualized revenue and eyes a 2027 IPO.

Source:CoinDesk

Post

Kalshi Discusses $750 Million Raise at $40 Billion Valuation

TL;DRAI · 60 sec read

Prediction market operator Kalshi is in advanced talks with Sequoia Capital and Wellington Management to secure at least $750 million in fresh capital at a $40 billion valuation, according to people familiar with the matter.

Kalshi seeks new capital from existing and new backers. Sequoia, which already holds a board seat at the company, would increase its position in the round while Wellington would be making its first investment. The funding total could exceed $750 million, sources said.

The new round would nearly double the $22 billion valuation Kalshi achieved when it raised $1 billion in May.

The new round would nearly double the $22 billion valuation Kalshi achieved when it raised $1 billion in May.

Revenue has surged on sports betting volume. The firm reported approximately $4 billion in annualized revenue as of July, with sports contracts driving over 80 percent of its trading volume.

From The CircuitryThe Feed — live briefs across tech, all day.See what’s happening →

Sequoia Capital recently said Kalshi “now claims 95% U.S. market share in prediction markets.”

The firm reported approximately $4 billion in annualized revenue as of July, with sports contracts driving over 80 percent of its trading volume.

IPO timeline and leadership moves surface. CEO Tarek Mansour stated in June that the company is considering an IPO in 2027. On Wednesday, Kalshi announced that Jeff Bandman—the attorney who helped it obtain its CFTC-regulated exchange license in 2020—is returning as CEO of Kalshi Prime to oversee its margin perpetual futures business.

Competitive landscape shows clear leader. Polymarket trails with $1.1 billion in annualized revenue for the same period. It was last reported seeking funding at a $20 billion valuation after receiving a $600 million investment from the Intercontinental Exchange, owner of the New York Stock Exchange, at a $15 billion valuation in August.

Why this mattersAI · ~100 words

Tap a lens to see what this story means for you.

Reader-supported

DonateBuy me a coffee →Follow@thecircuitry_ →Follow@thecircuitry.to →

Reader-supported · The Brief

Liked this? The Brief brings you the whole day in tech, verified, every morning. Two minutes, free forever.

HELP US IMPROVE

Reader-supported

The Circuitry is a passion project I've always wanted to build, and I love the work behind it.

Running it costs real money. APIs, hosting, time. To keep improving the site and growing this into something useful for everyone, those costs have to be covered.

Any contribution is appreciated. If not, no pressure. Thanks for reading.

Buy me a coffee

Prediction Markets Funding Kalshi

MORE IN MARKETS

Bitmine buys 28k ETH, hits 97% of 5% supply goal

Bitmine Immersion Technologies purchased 28,086 ETH last week, reaching 97% of its goal to hold 5% of Ether's supply with 5.93 million ETH now in treasury. The move comes as the company reports $15.7 billion in assets and $330 million in annualized staking revenue but faces a $5.1 billion unrealized loss on its holdings.

Nvidia subscribes to US$3.5 billion of MediaTek's record US$3.9 billion convertible bond

MediaTek finalized pricing of a record US$3.9 billion overseas convertible bond on August 31, 2026, with Nvidia reportedly subscribing to US$3.5 billion or roughly 90 percent of the total. The issuance, which exceeds NT$120 billion, is described by the company as the largest overseas CB ever from a Taiwanese issuer.

Stripe Acquires AI Gateway OpenRouter for Over $7B

Stripe has finalized an acquisition of AI gateway startup OpenRouter for more than $7 billion according to Bloomberg. The deal values the company far above its $1.3 billion valuation from a May funding round and brings a platform with 8 million users and access to over 400 models into Stripe's portfolio.