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Kalshi is in talks to raise fresh funding at a roughly $40 billion valuation, with the round potentially closing as early as Q3 2026, the Financial Times reported. The figure would mark a near-doubling from the $1 billion raise the prediction-market platform closed just last month at a $22 billion valuation, backed by Coatue, Sequoia Capital, Andreessen Horowitz, and Morgan Stanley.
Why it matters
The implied markup is the headline. Going from $22B to a reported $40B inside one funding cycle is the kind of step-up normally reserved for AI infrastructure or consumer social, not regulated event-contract venues. It reflects how quickly Kalshi has gone from a niche crypto-adjacent rails play to a sports-betting volume machine, and how aggressively late-stage capital is willing to price that transition.
Market impact
The growth curve underneath the valuation is the harder data point. Kalshi cleared more than $17 billion in trading volume last month, up from under $5 billion a year earlier, with sports-related contracts accounting for roughly 65% of the total. That volume profile increasingly resembles a regulated US sportsbook more than a derivatives exchange, which is part of why institutional capital keeps leaning in rather than waiting for the next leg.
Frequently asked questions
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How much is Kalshi reportedly raising at?
Kalshi is in talks for a new round at a roughly $40 billion valuation, with a potential close as early as Q3 2026, according to the Financial Times.
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What was Kalshi's previous valuation?
The platform closed $1 billion in funding just last month at a $22 billion valuation, with Coatue, Sequoia Capital, Andreessen Horowitz, and Morgan Stanley participating.
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How fast is Kalshi's trading volume growing?
Kalshi recorded more than $17 billion in trading volume last month, up from under $5 billion a year earlier, a roughly 3.4x year-over-year increase.
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What share of Kalshi's volume comes from sports contracts?
Sports-related contracts account for roughly 65% of Kalshi's total trading volume, according to the FT report.
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Why are investors pricing Kalshi so aggressively?
The volume profile increasingly resembles a regulated US sportsbook more than a derivatives venue, which is drawing institutional capital in rather than waiting for the next leg.
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