Kalshi in talks to raise capital at $40bn valuation

Kalshi is in negotiations over a capital raise that could value the private event-trading platform at about $40 billion. The discussions are ongoing and no agreement has been announced.

The size of any raise, the identity of potential investors and a timetable for closing were not made public. It is not clear whether funding would come from new backers, existing shareholders, or a mix of primary funding and secondary share sales.

Kalshi has completed previous fundraising in private markets. The reported valuation would be higher than in earlier rounds. The company did not provide a comment and there are no public filings disclosing terms or investor commitments tied to the talks.

A completed round at the reported figure would establish a new private-market valuation benchmark for the firm among fintech and exchange platforms. Observers will look for regulatory filings or formal announcements that confirm the structure, participants and amount of any deal.

Kalshi operates a platform that offers contracts tied to the outcomes of specific events, allowing users to trade based on event results. The company remains privately held and has previously indicated plans to expand its business and investor base.