TheBlock
Prediction market platform Kalshi has raised roughly $1.12 billion through a private equity offering documented in a Form D filed with the Securities and Exchange Commission on Tuesday. The filing shows $1.12 billion worth of equity has been sold against a total offering amount of nearly $1.5 billion, leaving roughly $380 million still available under the same notice.
Why it matters
The $1.12 billion appears to include Kalshi's previously disclosed $1 billion Series F round led by Coatue, which closed in May at a $22 billion valuation. That round drew participation from Sequoia Capital, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley, and Ark Invest. Since the announcement, reports have surfaced of Kalshi seeking fresh capital at a $40 billion valuation, roughly double its May mark. The Financial Times reported in June that the platform could close the new round as early as the third quarter, and The Information more recently said Kalshi was in advanced talks with Sequoia Capital and Wellington Management for a $750 million tranche at the higher figure.
Market impact
The capital flow mirrors Kalshi's widening lead in the prediction market sector. The platform reported $40 billion in trading volume in July, more than triple the combined $12.9 billion monthly volume recorded by Polymarket and Polymarket US over the same period. With more than a quarter of the offering still unsold, Kalshi has additional dry powder to extend that lead without immediately returning to market.
Frequently asked questions
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What did Kalshi's latest SEC filing disclose?
A Form D filed on Tuesday showed Kalshi has raised approximately $1.12 billion through a private equity offering, out of a total offering amount of nearly $1.5 billion, leaving around $380 million still available under the same notice.
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What was Kalshi's previous funding round and valuation?
In May, Kalshi closed a $1 billion Series F round led by Coatue at a $22 billion valuation, with participation from Sequoia Capital, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley, and Ark Invest.
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What is Kalshi reportedly raising at next?
Kalshi is in advanced talks with Sequoia Capital and Wellington Management for a roughly $750 million tranche at a $40 billion valuation, with the Financial Times reporting a potential close as early as the third quarter.
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How does Kalshi's trading volume compare to Polymarket?
Kalshi reported $40 billion in trading volume in July, more than triple the combined $12.9 billion monthly volume recorded by Polymarket and Polymarket US over the same period.
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Why does the funding environment matter for prediction markets broadly?
The willingness of top-tier investors to commit additional capital at nearly double the May valuation signals escalating institutional confidence in regulated prediction markets as a maturing asset class, even as competition from Polymarket intensifies.
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