Kalshi, the prediction market platform, is reportedly in discussions to raise at least $750 million in a new funding round that would value the company at $40 billion. The talks involve Sequoia Capital and Wellington Management, according to people familiar with the matter.
The Size of the Round
The potential investment would mark one of the largest private financings in the prediction market space. A $40 billion valuation would represent a significant step up for Kalshi, which has grown rapidly as retail and institutional interest in event-based trading has surged.
Neither Kalshi, Sequoia Capital, nor Wellington Management has publicly confirmed the terms. The deal is still in discussion, meaning the final size and valuation could shift before any announcement.
Who's Involved
Sequoia Capital is a venture firm with a long track record of backing technology companies. Wellington Management is a large asset manager that has increasingly participated in late-stage private deals. Their involvement suggests the round is drawing interest from both traditional venture and institutional investors.
Kalshi operates a federally regulated exchange where users can trade on the outcomes of events, from economic data releases to political races. The platform has positioned itself as a legal alternative to offshore betting markets.
The company has not said how it would use the new capital. Past statements from the firm have pointed to product expansion and regulatory compliance as priorities.
Whether the round closes at the reported figures remains an open question. The discussions are ongoing, and no formal announcement has been made.
