Kalshi Nears $40 Billion Valuation in New Funding Round

Kalshi is finalizing a new funding round that would value the company at $40 billion, according to Bloomberg. The raise comes ahead of a planned initial public offering, Bloomberg reports.

The $40 billion figure marks the terms under discussion for the round, which has not yet closed. Bloomberg did not name the investors participating in the transaction in its initial reporting.

Kalshi operates a regulated exchange for trading on the outcomes of real-world events. The company has not publicly confirmed the size of the round or the timing of its IPO.

A $40 billion valuation ahead of an IPO would place Kalshi among the most richly valued private financial-technology companies approaching the public markets. The reported terms signal investor appetite for the event-trading category the company has built.

The reported funding round and IPO plan position Kalshi for a potential public listing that would test whether public-market investors will underwrite the valuation private backers have set.