Prediction market platform Kalshi is currently in advanced discussions to secure approximately $1 billion in a new funding round. The deal would bring the company's valuation to $40 billion.
Existing investors Sequoia Capital and Wellington Management are reportedly in talks to lead the financing. Other potential participants include Tiger Global Management and Dragoneer Investment Group.
This development follows a Series F round closed in May, where the company raised $1 billion at a valuation of $22 billion. That figure represented a doubling of the valuation from December.
Initial reports regarding the company's search for funding at a $40 billion valuation surfaced in June. The Financial Times previously noted that the round could conclude as early as the third quarter.
