Financial Times · Funding Round · The Information · CME Group · Decrypt
Kentucky alleges that 89% of the platform's 2025 volume came from sports, the contracts states are trying to ban
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Prediction market Kalshi is in talks to raise fresh funds at a valuation of about $40 billion, the Financial Times reported, in a round that could close as soon as the third quarter.
Key facts
- The jump caps a vertiginous climb for Kalshi, which was worth around $5 billion in October 2025 and $11 billion by December
- Kalshi has grown explosively, claiming to have achieved an annualized trading volume of $178 billion by April 2026, up 32x year-on-year
- The Information has reported that a listing is unlikely before late 2027 or 2028
- Kentucky alleges that 89% of the platform's 2025 volume came from sports, the contracts states are trying to ban
Summary
Kalshi is in talks to raise at a $40 billion valuation, per the Financial Times, nearly double the $22 billion it was valued at following last month’s $1 billion raise. CEO Tarek Mansour told CNBC the company is "thinking about" an IPO but won't go public in 2026, with reports pointing to a 2027 or 2028 listing. The raise lands amid an escalating legal battle in the U.S. over whether prediction market sports contracts are CFTC-regulated derivatives or illegal gambling. The jump caps a vertiginous climb for Kalshi, which was worth around $5 billion in October 2025 and $11 billion by December.