Kalshi in Talks for $1 Billion at $40 Billion Valuation

Kalshi is in advanced discussions to raise about $1 billion at a valuation near $40 billion, a proposed deal that would value the prediction-market company about 82% above its May financing. The negotiations have not been announced by the company or confirmed as completed, and the reported terms could change. People familiar with the confidential talks said Sequoia Capital and Wellington Management are discussing leading the round. Tiger Global and Dragoneer Investment Group are among potential participants, according to those accounts. The investor lineup and final terms remain unsettled. Sources expect the discussions could conclude in the coming weeks, but there is no confirmation that a deal will close. If completed at the reported terms, the financing would follow a $1 billion round in May that valued Kalshi at $22 billion. The company’s May valuation was itself double the $11 billion valuation reported several months earlier. The proposed $40 billion figure would represent an increase of roughly 82% from May, though it remains a negotiating valuation rather than an established price from a completed transaction.