Kalshi is in talks for a new funding round worth between $750 million, with a valuation of $40 billion.

According to The Information, Sequoia and Wellington Management may lead the round, with this being Wellington's first investment in the company.

According to Bloomberg, Kalshi's annual revenue has already exceeded $4 billion—double what it was just two months ago. At the same time, the company is spending heavily on marketing and could face state-level taxes in some of its largest markets.