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Kalshi annualized revenue tops $4 billion as it seeks a $40 billion valuation

3 sources6 of 7 claims verifiedNotable signal
Place in VP50
#24
Sources
3
Claims verified
6 of 7

What happened

AI summaryWritten from 3 sources, checked claim by claim

The Information reported on 11 August 2026 that Kalshi's annualized revenue had topped $4 billion and that the prediction market operator was seeking a $40 billion valuation. The article itself is paywalled.

Dealroom News, in an article dated 12 August that credits The Information, said World Cup wagers helped double Kalshi's revenue to an annualized rate above $4 billion in July, from above $2 billion two months earlier, and that most revenue comes from fees on trading activity. It said, citing a person familiar with the matter, that Kalshi was in advanced talks to raise a Series G at a $40 billion valuation. Dealroom added that Kalshi raised $1 billion in a May round led by Coatue, and $1 billion at an $11 billion valuation at the end of 2025. Dealroom also reported June operating expenses of $300 million, mostly marketing, and informal talks with bankers about an IPO as soon as next year. Gate News, also citing The Information, gave the same revenue and valuation figures but no round size or investors.

Key points

  1. Annualized revenue topped $4 billion in July, up from above $2 billion about two months earlier.12
  2. Kalshi was reported to be seeking a $40 billion valuation, in advanced talks for a Series G.12
  3. A May round led by Coatue raised $1 billion; the end-2025 round raised $1 billion at an $11 billion valuation.2
  4. June operating expenses were $300 million, mostly marketing.2

Why it matters

Revenue behind the ask

The $4 billion annualized figure is the main number reported alongside the $40 billion valuation sought. It is a run rate for July, and Dealroom links the rise to World Cup wagers.

A sought price, not a mark

The $40 billion figure is a valuation under discussion, reported through a person familiar with the matter, not a closed round. Previous rounds in the sources are the $11 billion at end-2025 and the May round of $1 billion.

Spending and listing talk

June operating expenses of $300 million were mostly marketing, and Dealroom reports informal banker talks about an IPO as soon as next year, which bears on future liquidity for holders.

In context

$1B$10B2026$22B
Kalshi priced rounds
RoundDatePost-money valuationRaisedLed by
Series CJun 25, 2025$2.0B$185MParadigm
Series DOct 10, 2025$5.0B$300MAndreessen Horowitz and Sequoia Capital
Series EDec 2, 2025$11B$1.0BParadigm
Series FMay 7, 2026$22B$1.0BCoatue
Series F extensionMay 20, 2026$22B$200MUnknown
Post-money valuation at each priced round. Log scale.Hover a point for the round

Updated

Fact-check

  • Kalshi's annualized revenue topped $4 billion and the company was seeking a $40 billion valuation.Confirmed by the headline of [1] The Information (body paywalled), and by [2] Dealroom News and [3] Gate News.Verified
  • The Information published its report on 11 August 2026.The date comes from the event's source data; the paywalled [1] page shows no date, and [2] and [3] relaying it are dated 12 August.Partly verified
  • Revenue rose to an annualized rate above $4 billion in July from above $2 billion two months earlier, helped by World Cup wagers.Confirmed by [2] Dealroom News, which credits The Information.Verified
  • Kalshi was in advanced talks to raise a Series G at a $40 billion valuation.Confirmed by [2] Dealroom News, citing a person familiar with the matter; [3] Gate News says only that the company is raising at $40 billion.Verified
  • Kalshi raised $1 billion in a May round led by Coatue, and $1 billion at an $11 billion valuation at the end of 2025.Confirmed by [2] Dealroom News.Verified
  • June operating expenses were $300 million, mostly marketing.Confirmed by [2] Dealroom News.Verified
  • Kalshi held informal talks with bankers about an IPO as soon as next year.Confirmed by [2] Dealroom News.Verified

Sources

  1. [1]The Information (opens in a new tab)Kalshi Tops $4 Billion In Annualized Revenue as it Seeks $40 Billion Valuation
  2. [2]Dealroom News (opens in a new tab)Kalshi eyes $40B valuation as revenue doubles to $4B annualizedWorld Cup wagers helped double Kalshi's revenue to a more than $4 billion annualized rate in July
  3. [3]Gate News (opens in a new tab)CFTC Shields Kalshi in New York as Revenue Doubles to $4B Annualized Run Rate

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