Kalshi is currently in advanced negotiations to secure approximately $1 billion in new funding. This investment round could push the company valuation to nearly $40 billion, marking an 82% increase from its valuation in May. The round is expected to close within the coming weeks.
The potential deal involves major investors including Tiger Global and Dragoneer Investment Group, with Sequoia Capital and Wellington Management reportedly in talks to lead the financing. Research firm Sacra estimates that Kalshi reached an annualized revenue of $3.5 billion in June, compared to $735 million in 2025.
The proposed $40 billion valuation implies a revenue multiple of approximately 11 times. This figure contrasts with the company's own May disclosure, which placed annualized revenue above $1.5 billion. Analysts note that matching the 2.1 times revenue multiple of DraftKings would require Kalshi to reach $19 billion in annual revenue.
Kalshi aims to evolve into a multi-asset trading platform, positioning itself to compete with established entities like CME Group and Intercontinental Exchange. Meanwhile, the company faces regulatory scrutiny, including an insider trading probe by the House Oversight Committee and allegations of wash trading, which the firm disputes.
Despite competitive pressure from Polymarket and Robinhood, data from Dune Analytics indicates that Kalshi has successfully gained market share over the past year. The company is also exploring the possibility of an initial public offering in the future, which would subject its financial performance to public market evaluation.
