Kalshi Seeks $40 Billion Valuation, Widening Its Lead Over Polymarket

Prediction market operator Kalshi is seeking new funding at about a $40 billion valuation, nearly double its last round, a deal that would widen its lead over rival Polymarket as institutional money pours into regulated prediction markets.

Kalshi Seeks $40 Billion Valuation, Widening Its Lead Over Polymarket Prediction market operator Kalshi is seeking new funding at about a $40 billion valuation, nearly double its last round, a deal that would widen its lead over rival Polymarket as institutional money pours into regulated prediction markets. Aaron Rafferty June 25, 2026 Key Takeaways: Kalshi is seeking fresh funding at about a $40 billion valuation, nearly doubling the $22 billion it targeted in its last round, according to a Financial Times report. A deal could close as soon as the third quarter and would widen Kalshi's lead over rival Polymarket, last reported raising at a $15 billion valuation. Kalshi operates as a federally regulated US exchange, a status that has drawn backers including Sequoia, Andreessen Horowitz, and Morgan Stanley. Kalshi is seeking to raise fresh capital at a valuation of about $40 billion, nearly double the $22 billion it targeted in its last funding round, CoinDesk reported on June 24, citing a Financial Times report and people familiar with the talks. The prediction markets platform could close the round as soon as the third quarter. A deal at that price would widen Kalshi's lead over Polymarket, its closest rival, which was last reported seeking funding at a $15 billion valuation. The two have pulled ahead as the dominant names in prediction markets, a sector where users buy and sell contracts tied to the outcome of real-world events, from elections to economic data. The split between them is structural. Kalshi runs as a federally regulated exchange in the United States, a status that has helped it pull in mainstream investors. Its previous $22 billion round drew Philippe Laffont's Coatue Management, Sequoia Capital, Andreessen Horowitz, and Morgan Stanley. Pol