Kalshi discusses funding at $65 billion valuation

Kalshi is in talks to raise fresh funds at a $65 billion valuation, Bloomberg said on 12 November, citing people familiar with the matter. The discussions are separate from the company’s completed October financing and have not been described as a closed deal. CNA carried the Bloomberg report.

The $1 billion October Series G round, a later-stage private financing that valued Kalshi at $40 billion post-money, was co-led by Wellington and Sequoia. It followed an earlier $1 billion round led by Coatue at a $22 billion valuation by just over five months.

That October raise had been expected to be Kalshi’s last before an anticipated initial public offering, but the company decided to seek private financing again, Bloomberg said. Kalshi could not immediately be reached for comment.

Beyond prediction markets

Kalshi operates prediction markets, where people trade on questions about future events and prices reflect participants’ expectations. The company is seeking to expand beyond those event contracts into a broader financial exchange that competes more directly with traditional exchanges.

Kalshi says that broader exchange could let individuals trade directly on economic forecasts, businesses hedge against policy or weather risks, and institutions add new information and instruments to their portfolios.

In its October announcement, Kalshi said it would use that completed round to grow the exchange, develop assets and expand access internationally. Its plans included indices, perpetual futures tied to individual stocks, and markets for computing power, as well as greater institutional adoption and expansion focused on Latin America and Europe.