Kalshi is raising at a $40 billion valuation, nearly doubling the $22 billion it commanded in its last round, according to a Financial Times report cited by The Block on June 24. The deal is expected to close as early as Q3 2026.
At that price, the CFTC-regulated U.S. exchange would be valued at nearly three times on-chain rival Polymarket, which is seeking $400 million at a $15 billion valuation, per The Block and CoinDesk.
The $25 billion gap reflects a structural split: Kalshi holds a federal CFTC license; Polymarket operates on-chain with cryptocurrency settlement, CoinDesk reported.
Kalshi's valuation has climbed through successive rounds: $5 billion in October 2025 (Series D, $300 million raised), $11 billion in December 2025, and $22 billion in May 2026 when it closed a $1 billion round led by Coatue Management, with Sequoia Capital, Andreessen Horowitz, and Morgan Stanley also participating, per The Block and CryptoTimes. The $40 billion target is 8x the October 2025 level.
Kalshi cleared $21.1 billion in June 2026 against Polymarket's $9.7 billion, with the company reporting over $2 billion in annualized revenue, according to The Block. Sports contracts drove 65% of Kalshi's activity, per CryptoTimes.
CEO Tarek Mansour has not ruled out going public. "A company of our financial profile with the rate of growth that we're seeing, that sort of conversation has to happen," he told CoinDesk, though not before 2027. The company is in early talks with investment banks, The Block reported. Kalshi declined to comment on the fundraising report.
