Kalshi is seeking to raise new capital at a valuation of about 40 billion dollars, nearly doubling its previous 22 billion dollar valuation, according to people familiar with the matter.
The prediction market operator could close the fundraising round as soon as the third quarter of this year. A successful deal would widen Kalshi's lead over rival Polymarket, which has been seeking funding at a 15 billion dollar valuation.
Kalshi operates as a federally regulated U.S. exchange and has attracted investors including Coatue Management, Sequoia Capital, Andreessen Horowitz and Morgan Stanley in its prior round. Its chief executive Tarek Mansour said during a CNBC interview that the company is considering an eventual initial public offering, though not before 2027.
"A company of our financial profile with the rate of growth that we're seeing, that sort of conversation has to happen," Mansour said. Kalshi did not immediately respond to a request for comment.
