Kalshi In Talks To Raise $750M At $40B Valuation

Prediction market giant Kalshi is in advanced discussions with Sequoia Capital and Wellington Management for a new $750 million funding round at a $40 billion valuation, The Information reported, citing people familiar with the matter.

According to the sources, Wellington and Sequoia, a current investor in Kalshi, are thinking about spearheading the capital round, which may total more than $750 million. Kalshi’s board of directors already includes an executive from Silicon Valley-based Sequoia, which manages $56 billion in assets.

Source: sacra.com

This capital round would be Wellington’s first investment in Kalshi. Wellington is a Boston-based financial behemoth with $1.3 trillion in client assets under management (AUM). Prior to their initial public offerings (IPOs), Wellington has made private investments in businesses. Kalshi CEO Tarek Mansour said in June that the business is considering going public in 2027.

Kalshi, which funded $1 billion in May at a $22 billion valuation, is now the leading prediction market platform in terms of revenue. After the Intercontinental Exchange, which owns the New York Stock Exchange, invested $600 million at a $15 billion value in August, Polymarket—which was last reportedly seeking $20 billion in funding is next.

Due mostly to wagers on the 2026 World Cup, Kalshi’s annual income hit $4 billion in July. Polymarket’s sales throughout that period were barely $1.1 billion. Kalshi “now claims 95% U.S. market share in prediction markets,” according to a recent statement from Sequoia Capital.

Sports contracts account for more than 80% of Kalshi’s total revenue. Jeff Bandman, the attorney who assisted Kalshi in obtaining a license to operate as a CFTC-regulated exchange in 2020, is rejoining Kalshi as CEO of Kalshi Prime, which caters to clients of Kalshi’s margin perpetual futures business, Kalshi said on Wednesday.

Kalshi’s annualized revenue topped $4 billion in July, doubling in two months as World Cup wagers surged.

The company is now in advanced funding talks at a $40 billion valuation despite heavy marketing costs and mounting legal fights.

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— The Information (@theinformation) August 13, 2026

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