Following a successful $1 billion raise in May at a $22 billion valuation, the prediction-market platform is now exploring a new funding round that could substantially increase its valuation.
Ni Olivier Acuna|Edited by Cheyenne Ligon46 min. agoTranslated by AI2 min readMake preferred on IbahagiIbahagi ang artikulong itoKopyahin ang linkX (Twitter)LinkedInFacebookEmailMake preferred on SummaryShow- Kalshi is currently in advanced negotiations with Sequoia Capital and Wellington Management to secure a minimum of $750 million at a valuation of $40 billion, as reported by sources familiar with the discussions.
- This funding round would enhance Sequoia's existing investment and introduce Wellington to Kalshi as a new investor, as the platform aims for a potential IPO by 2027.
- After raising $1 billion at a valuation of $22 billion in May, Kalshi now boasts an annual revenue of approximately $4 billion, primarily driven by its sports contracts, and holds 95% market share in the U.S. prediction market by revenue.
Kalshi, a leading player in the prediction market sector, is engaged in high-level discussions with Sequoia Capital and Wellington Management regarding a new $750 million funding initiative at a $40 billion valuation, according to The Information, which cited knowledgeable sources.
Sequoia, already an investor in Kalshi, and Wellington are contemplating leading this investment round, with the possibility that the total funding could exceed $750 million. Sequoia, based in Silicon Valley and managing approximately $56 billion in assets, has a representative on Kalshi’s board.
Wellington, a Boston-based financial powerhouse with $1.3 trillion in assets under management, would be making its inaugural investment in Kalshi through this funding round. Wellington has a history of investing in companies prior to their initial public offerings. Kalshi's CEO, Tarek Mansour, indicated in June that the company is eyeing an IPO in 2027.
Kalshi, which secured $1 billion in May at a $22 billion valuation, has emerged as the top revenue-generating platform in the prediction market space, followed by Polymarket, which is reportedly seeking funding at a $20 billion valuation after a $600 million investment from the Intercontinental Exchange at a $15 billion valuation in August.
As of July, Kalshi's annualized revenue reached $4 billion, largely fueled by betting on the 2026 World Cup. In contrast, Polymarket's revenue for the same timeframe was only $1.1 billion. Sequoia Capital recently noted that Kalshi “now claims 95% U.S. market share in prediction markets.”
The bulk of Kalshi's revenue is derived from sports-related contracts, which account for over 80% of its trading volume. Recently, Kalshi announced the return of Jeff Bandman, the attorney who assisted in securing a CFTC-regulated exchange license in 2020, as CEO of Kalshi Prime, focusing on the company's margin perpetual futures business.
Kalshi, Sequoia, and Wellington have not yet responded to requests for confirmation from CoinDesk.
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