Kalshi reported in advanced talks to raise about $1B at a $40B valuation
- Raised
- $1.0B
- Valuation
- $40B
- Place in VP50
- #24
- Sources
- 4
What happened
Reuters reported on September 29, 2026, that Kalshi, the prediction market platform, was in advanced talks to raise about $1 billion at a $40 billion valuation. Cointelegraph relayed the report the next day. According to that account, existing investor Sequoia Capital and Wellington Management were in talks to lead the round, and Tiger Global Management and Dragoneer Investment Group could also take part. Cointelegraph said none of the companies had responded to its requests for comment, and no closed deal was announced.
On September 30, Bloomberg reported that Kalshi was finalizing new funding at a $40 billion value ahead of an initial public offering. Kalshi's previous round was a $1 billion Series F in May at a $22 billion valuation, which Cointelegraph said had doubled its valuation from December. Cointelegraph added that the $40 billion figure was first reported in June, and that the Financial Times reported on June 24 that the round could close as soon as the third quarter. A headline from The Information in August said Kalshi had topped $4 billion in annualized revenue while seeking a $40 billion valuation; its body text sits behind a paywall. The round's final size, terms and investors were not confirmed.
Key points
- Reported round: about $1B at a $40B valuation, in advanced talks as of September 29, 202613
- Sequoia Capital (existing investor) and Wellington Management were in talks to lead; Tiger Global and Dragoneer could join13
- Bloomberg reported Kalshi was finalizing the funding at a $40B value ahead of an IPO2
- The prior round was a $1B Series F in May at $22B1
- The Information's headline said annualized revenue topped $4B4
Why it matters
A $40 billion valuation would be about 82% above the $22 billion set in the May Series F. It is a reported figure from unnamed sources, not a closed or announced price.
Bloomberg's report placed the round ahead of an IPO. No IPO filing, timing or exchange was confirmed in the sources.
The Information's headline put annualized revenue above $4 billion, which would put the reported $40 billion valuation near ten times that run rate. The body of that article was not readable.
In context
| Round | Date | Post-money valuation | Raised | Led by |
|---|---|---|---|---|
| Series C | Jun 25, 2025 | $2.0B | $185M | Paradigm |
| Series D | Oct 10, 2025 | $5.0B | $300M | Andreessen Horowitz and Sequoia Capital |
| Series E | Dec 2, 2025 | $11B | $1.0B | Paradigm |
| Series F | May 7, 2026 | $22B | $1.0B | Coatue |
| Series F extension | May 20, 2026 | $22B | $200M | Unknown |
Updated
Fact-check
- Kalshi was in advanced talks to raise about $1 billion at a $40 billion valuation, reported September 29, 2026Confirmed by [1] Cointelegraph, relaying Reuters sources: about $1 billion at $40 billion, with no closed deal. The Reuters page [3] could not be opened; its headline and date match.Verified
- Sequoia Capital and Wellington Management were in talks to lead; Tiger Global and Dragoneer could participateConfirmed by [1] Cointelegraph, which names these investors and their roles per Reuters; the [3] Reuters headline names Tiger Global and Dragoneer.Verified
- Kalshi was finalizing new funding at a $40 billion value ahead of an IPOStated in the headline of [2] Bloomberg, dated September 30, 2026; the article body returned 403 and was not read, so no further Bloomberg detail is used.Verified
- The prior round was a $1 billion Series F in May at a $22 billion valuation, double December's valuationConfirmed by [1] Cointelegraph.Verified
- The $40 billion valuation was first reported in June, and the FT reported on June 24 the round could close as soon as Q3Confirmed by [1] Cointelegraph.Verified
- Kalshi has topped $4 billion in annualized revenueStated in the headline of [4] The Information; the article body is paywalled, so only the headline was read.Partly verified
Sources
- [1]Cointelegraph (opens in a new tab)Kalshi in advanced talks to raise new funding at $40B valuation: Reuters
- [2]Bloomberg (opens in a new tab)Kalshi Finalizing New Funding at $40 Billion Value Ahead of IPO
- [3]Reuters (opens in a new tab)Tiger Global, Dragoneer in talks to invest in Kalshi's new $1 billion fundraise
- [4]The Information (opens in a new tab)Kalshi Tops $4 Billion In Annualized Revenue as it Seeks $40 Billion Valuation
