New York-based prediction market Kalshi is finalizing a funding round of approximately $1 billion, which will bring the company's valuation to about $40 billion. This is expected to be the firm's final private financing round before a potential IPO, which could occur as early as 2027.
The company's valuation has grown significantly in recent years. In December 2025, Kalshi was valued at $11 billion, and by May 2026, following a $1 billion Series F round, the valuation reached $22 billion. The current round nearly doubles that figure.
Key investors in the current round include Sequoia Capital and Wellington Management, with reports suggesting ongoing discussions with Tiger Global and Dragoneer Investment Group. The platform's growth is driven by trading volumes, which increased from $52 billion to $178 billion over six months.
Sports-related contracts account for 65–70% of the platform's trading volume. While Kalshi operates under the oversight of the Commodity Futures Trading Commission, the heavy reliance on sports contracts remains a focal point for investors regarding future regulatory stability and the company's market position.
As of mid-2026, Kalshi reported a revenue run-rate exceeding $2 billion and a gross margin of approximately 90%. CEO Tarek Mansour has confirmed that an IPO is under consideration, though he previously ruled out a public listing for the year 2026.
