Kalshi is in talks to raise a round at a $40 billion valuation.

Kalshi is discussing a new funding round at a valuation of around $40 billion, nearly double the $22 billion valuation recorded in the previous round. This was reported by the Financial Times.

The deal could close as early as Q3 2026.

Meanwhile, Kalshi’s management is exploring the possibility of an IPO, though going public before 2027 is not currently planned.

For reference: the last Series F round, worth $1 billion, closed in May 2026, led by Coatue with participation from Sequoia, Andreessen Horowitz, and Paradigm.