Prediction market giant Kalshi is reportedly seeking fresh capital at a $40 billion valuation, a figure that would place it among the world’s most valuable private companies.
If the round closes at that number, Kalshi’s valuation will have nearly doubled since March 2026, when the company wrapped up a $1 billion Series F funding round that valued it at $22 billion.
The growth trajectory has been remarkable, with Kalshi valued at just $2 billion a year ago before climbing to $5 billion four months later and reaching $11 billion by December 2025.
Kalshi co-founder and CEO Tarek Mansour confirmed the company is thinking about an IPO but will not commence a public share sale this year.
Speaking to CNBC, Mansour said internal conversations about a public offering are at an early stage, stopping short of providing any specific timeline details.
“A company of our financial profile with the rate of growth that we’re seeing, that sort of conversation has to happen,” Mansour told CNBC.
The company’s annualized revenue now stands at $2 billion as of June 2026, nearly three times its value recorded in November 2025, with sports event contracts serving as the primary revenue driver.
Kalshi recorded its largest ever weekly volume for a single prediction marketplace during the first week of the FIFA World Cup tournament, with total volume reaching $5.1 billion in that period alone.
Monthly trading volume on the platform hit $16.81 billion in May 2026, while institutional trading volume surged by 800% over the same timeframe.
A $40 billion valuation would place Kalshi just outside the global top 15 unicorns, putting it within striking distance of Canva and Prometheus, valued at $42 billion and $41 billion respectively.
The new valuation would also push Kalshi well clear of rival prediction market Polymarket, which was last valued at $15 billion, widening the gap between the two platforms considerably.
This latest funding round, which is potentially closing by Q3 2026, would bring Kalshi’s total equity raised to approximately $3.7 billion since its inception.
The round is expected to be the last before an IPO, though the company faces legal headwinds, with more than a dozen US states filing lawsuits alleging Kalshi operates unlicensed sports betting.
Kalshi disputes those characterisations, arguing that oversight from the CFTC grants it exclusive federal jurisdiction over its exchange-traded contracts.
