Kalshi Seeks $40B Valuation Weeks After $1B Raise: FT
Kalshi is reportedly seeking new funding at about a $40 billion valuation, nearly double the $22 billion it reached last month and far above its $5 billion value in October 2025. A public listing may eventually follow, though likely not until late 2027 or 2028. The company has grown rapidly, saying its annualized trading volume hit $178 billion by April 2026, up 32x year over year. But its business faces major regulatory and legal risk. States are challenging prediction markets as illegal gambling, while Kalshi and the CFTC argue event contracts fall under federal swaps jurisdiction. Recent lawsuits and conflicting court rulings have intensified the fight, which could ultimately reach the Supreme Court. Investors face added uncertainty because much of Kalshi’s volume appears to come from sports contracts under attack by states.
