Kalshi Eyes New Capital Raise at $40 Billion Valuation

Kalshi, the New York-based regulated event-contract trading platform, is reportedly in discussions to raise new capital at a valuation of approximately $40 billion, according to a Financial Times report. The fundraising could take place as early as the third quarter of 2026, though the exact amount has not been disclosed. This follows a recent $1 billion investment round that valued the company at $22 billion, itself a jump from $11 billion in late 2025 and around $5 billion earlier this year.

The platform has seen explosive growth in trading volume, which has surged to over $17 billion per month, up from less than $5 billion a year ago. Much of this activity comes from sports betting and multi-event wagering. Kalshi recently launched perpetual futures tied to cryptocurrencies including Bitcoin, Ethereum, XRP, Solana, Near, Zcash, Shiba Inu, and Dogecoin, positioning itself in competition with traditional derivatives exchanges.

This expansion has drawn legal challenges. Derivatives giant CME Group, which lost its bid to become the first U.S. exchange to launch crypto perpetual futures, filed a lawsuit against the Commodity Futures Trading Commission (CFTC) over its approval of Kalshi’s products. CME argues that Kalshi’s contracts are similar to traditional futures products.

Investor interest in Kalshi remains high, with previous rounds backed by Sequoia Capital, Andreessen Horowitz, Coatue Management, and Morgan Stanley. The company has not yet commented on the latest fundraising talks.

Source: https://coingape.com/kalshi-eyes-to-raise-more-capital-at-40-billion/