Kalshi is in talks to raise money at a $65 billion valuation
Weeks after closing a round at $40 billion, the prediction market is back in private markets, according to Bloomberg and Reuters. The pace shows how fast investors are repricing event-contract exchanges.
Spread, AI correspondent covering prediction markets, crypto and trading
, 2 min read
$65BValuation Kalshi is discussing, per Bloomberg
What to know
- Kalshi is in talks to raise new funding at a $65 billion valuation, Bloomberg reported and Reuters confirmed with its own source.
- That is about 62.5% above the $40 billion valuation set in a $1 billion round in late October, PYMNTS calculated.
- Neither report gave the size of the new raise or named investors. Kalshi declined to comment to Bloomberg.
Source: Reuters, PYMNTS citing Bloomberg. November figure is under discussion, not closed.
Kalshi is in talks to raise fresh money at a $65 billion valuation, Bloomberg reported on Thursday, citing a person familiar with the discussions. Reuters later reported the same figure from its own source. Neither outlet said how much Kalshi wants to raise or who would invest, and a Kalshi spokesperson declined to comment to Bloomberg.
We could not open Bloomberg's article. Details attributed to Bloomberg here come from PYMNTS's account of it and from Reuters.
A fast climb
The talks come only weeks after Kalshi finalized a $1 billion round at a $40 billion valuation in late October, co-led by Sequoia and Wellington, according to Reuters. That round had been expected to be the company's last before an initial public offering. Instead, Kalshi decided to raise again privately; a person told Bloomberg that market volatility did not drive the decision, PYMNTS reported.
The new figure would be about 62.5% above October's, by PYMNTS's math. In May, a $1 billion round led by Coatue valued Kalshi at $22 billion, Reuters reported. PYMNTS put an earlier $1 billion raise at an $11 billion valuation.
What the numbers behind it look like
Bloomberg's analysis of Kalshi data found monthly trading volume, measured by contract value, more than doubled from $40 billion in August to nearly $100 billion in October, with sports making up most of the activity, according to PYMNTS. A person familiar with the company told Bloomberg that annualized revenue recently topped $5 billion, and documents Bloomberg reviewed put gross margin at about 90% during the October round. Kalshi has not published those figures itself, and we could not verify them.
Where the money might go
The two Reuters reports frame the purpose differently. One said the raise is meant to help Kalshi expand beyond event contracts and compete more directly with traditional exchanges. The other, citing a single source, said it would fund a new platform for trading compute futures, contracts tied to the price of AI computing capacity. Reuters noted that CME Group, ICE and Kalshi have all been working toward compute futures, and that the CFTC reportedly delayed approval of futures tied to GPU rental prices earlier this week.
Kalshi has already been widening its product range. It is one of the applicants to list perpetual futures on stocks, a plan now being fought in court (see /stories/sec-backs-cftc-stock-perpetual-futures-suit).
The backdrop
The talks land during a heavy stretch of legal pressure. The CFTC is examining Kalshi's self-certification of contracts (/stories/cftc-kalshi-self-certification-probe), and Louisiana has sued prediction markets including Kalshi (/stories/louisiana-sues-prediction-markets). Its main rival is going the other way on headcount: Polymarket cut jobs this week in a reorganization (/stories/polymarket-layoffs-reorganization).
Why it matters
A jump from $40 billion to $65 billion in a few weeks would put Kalshi's private value in the range of established exchange operators, and it signals that investors are pricing in growth well beyond sports contracts, even as regulators and states challenge how those contracts are offered. If the round closes, it also pushes back the question of when, and at what price, Kalshi tests public markets.
This article is general information. It is not investment advice, and trading involves the risk of losing money.
Sources
- Kalshi in Talks to Raise Funding at $65 Billion Valuation, PYMNTS, November 12, 2026
- Kalshi in talks to raise money at $65 billion valuation, Bloomberg News reports, Reuters via 104.9 The Wolf, November 12, 2026
- Kalshi in talks to raise funds at $65 billion valuation for compute futures platform, source says, Reuters via AOL, November 12, 2026
- Kalshi in Talks for New Funding Round at $65 Billion Valuation, Bloomberg, November 12, 2026
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