Kalshi Targets $40 Billion Valuation in New Funding Round
Kalshi is currently engaged in advanced discussions to secure funding that could elevate its valuation to around $40 billion, nearly doubling from the $22 billion mark in May 2026, with a potential completion in Q3 2026. This figure outstrips competitor Polymarket's valuation of $15 billion. Since early 2025, Kalshi's worth has surged eightfold. The recent funding round, a $1 billion Series F, was spearheaded by Coatue. The platform has seen monthly trading volumes surpassing $17 billion, generating annual revenues exceeding $2 billion, with sports contracts making up roughly 65% of this volume. On June 3, 2026, Kalshi introduced CFTC-regulated crypto perpetual futures, while facing legal hurdles from several states. CEO Tarek Mansour stated that an IPO is unlikely until late 2027 or 2028.
Key facts
- Kalshi is targeting a $40 billion valuation in a new funding round.
- The round could close as soon as Q3 2026.
- Kalshi was valued at $22 billion in May 2026 and $5 billion in early 2025.
- Rival Polymarket is seeking funding at a $15 billion valuation.
- Kalshi completed a $1 billion Series F round led by Coatue weeks earlier.
- Monthly trading volume surpassed $17 billion, up from under $5 billion a year prior.
- Annualized revenue exceeded $2 billion, nearly triple November 2025.
- Sports contracts account for roughly 65% of total platform volume.
- Crypto perpetual futures launched June 3 reached $5.5 billion in two weeks.
- CME Group sued the CFTC over approval of Kalshi's perpetual futures.
- Kalshi faces lawsuits from Arizona, Massachusetts, Kentucky, and Illinois.
- The CFTC has sued nine states to block enforcement against Kalshi.
- Kalshi is considering an IPO, unlikely before late 2027 or 2028.
- CEO Tarek Mansour confirmed IPO discussions.
Entities
Institutions
- Kalshi
- Polymarket
- Financial Times
- Coatue
- Sequoia Capital
- Andreessen Horowitz
- IVP
- Paradigm
- Morgan Stanley
- ARK Invest
- CFTC
- CME Group
- The Information
- Cryptopolitan
- The Block
- CNBC
- NFT Plazas
- Coinbase
- Robinhood
- Webull
- Crypto.com
- Wall Street Journal
Locations
- United States
- Arizona
- Massachusetts
- Kentucky
- Illinois
- Canada
- New Jersey
Sources
- NFT Plazas —
- NFT Plazas —