Kalshi Seeks $40 Billion Valuation in New Funding Round and Eyes 2027 IPO

Kalshi is in talks to raise fresh capital at a valuation of around $40 billion nearly double the $22 billion it targeted in its last funding round. The deal could close as early as the third quarter of this year.

If it goes through, the raise would put significant distance between Kalshi and its biggest rival Polymarket, which was last reported to be seeking funding at a $15 billion valuation.

Who Has Been Backing Kalshi

Kalshi’s previous $22 billion round pulled in a heavyweight lineup of investors including Coatue Management, Sequoia Capital, Andreessen Horowitz and Morgan Stanley. The company operates as a federally regulated exchange in the US, which has helped it attract mainstream and institutional capital that crypto-native platforms like Polymarket have struggled to access.

Polymarket runs on blockchain infrastructure with crypto-based settlement and has built a strong following among crypto traders particularly during election cycles but the regulatory distinction continues to give Kalshi an edge with traditional investors.

An IPO Is on the Table — Just Not Yet

Kalshi CEO Tarek Mansour confirmed the company is thinking about going public, but not before 2027. “A company of our financial profile with the rate of growth that we’re seeing, that sort of conversation has to happen,” he said in a recent interview. He added the company does not have a firm answer yet but the question is clearly being taken seriously.