Kalshi in talks to raise $750 million at potential $40B valuation
Business
Kalshi, the top name in prediction markets, is looking to raise at least $750 million in advanced talks with Sequoia Capital and Wellington Management.
If the deal goes through, Kalshi's valuation will jump to $40 billion, almost double what it was just a few months ago.
Sequoia wants a bigger piece of the action, while Wellington is joining in for the first time.
This comes right after Kalshi named Jeff Bandman as CEO of its Prime division.
Tarek Mansour eyes 2027 IPO
Kalshi claims 95% of the US prediction market by revenue and Kalshi's annualized revenue increased to $4 billion in July, mostly thanks to sports betting during the 2026 World Cup.
Its closest rival Polymarket made only $1.1 billion.
CEO Tarek Mansour has his sights set on taking Kalshi public in 2027.