Kalshi targets a massive $40 billion valuation, widening lead over rival Polymarket

Finance Kalshi targets a massive $40 billion valuation, widening lead over rival Polymarket The prediction market operator, which is eyeing a potential public debut in 2027, could close a new funding round in Q3, according to a Financial Times report. By Helene Braun | Edited by Aoyon Ashraf Jun 24, 2026, 7:48 p.m. 2 min read Make preferred on Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Make preferred on Summary Show Kalshi is seeking to raise new capital at a valuation of about $40 billion, nearly doubling the $22 billion valuation from its previous funding round, FT reported, citing people familiar with the matter. A successful deal, which could close as soon as the third quarter, would widen Kalshi’s lead over rival Polymarket, which has been seeking funding at a $15 billion valuation. The fundraising talks come as Kalshi, a federally regulated U.S. exchange backed by major investors, begins weighing an eventual initial public offering, which its chief executive said would not occur before 2027. Kalshi is seeking to raise fresh capital at a valuation of about $40 billion, nearly doubling the $22 billion valuation it targeted in its previous funding round, according to a Financial Times report citing people familiar with the matter. The prediction markets platform could close the fundraising as soon as the third quarter of this year, FT said. If completed, the deal would widen Kalshi's valuation lead over rival Polymarket, which was last reported to be seeking funding at $15 billion. The two platforms have emerged as the dominant names in the prediction markets sector, while many other entrants have increased the industry's competitive landscape. Kalshi's previous funding round, which valued the company at $22 billion, attracted a roster of high-profile investors including Philippe Laffont's Coatue Management, Sequoia Capital, Andreessen Horowitz and Morgan Stanley. Competition in the sector has intensified as firms race to capture users and expand product offerings. Kalshi operates as a federally regulated exchange in the United States, a distinction that has helped it attract mainstream investors and institutional backing. Meanwhile, Polymarket, which uses blockchain infrastructure and cryptocurrency-based settlement, has gained popularity among crypto traders and has become widely followed during recent election cycles. The fundraising discussions come as Kalshi's management also begins weighing a public listing. Earlier on Wednesday, chief executive Tarek Mansour said the company is considering an eventual initial public offering, though not before 2027. "A company of our financial profile with the rate of growth that we're seeing, that sort of conversation has to happen," Mansour said during an interview on CNBC . "People start asking that question. And we're basically thinking about it, but obviously, we don't have an answer yet." Kalshi didn't immediately respond to a request for comment. Prediction Markets Kalshi Latest Crypto News 1 Binance withdraws Greek MiCA bid but vows to remain in Europe 2 hours ago 2 Bitcoin falls below $60,000 as AI trade continues to draw investor interest and capital 3 hours ago 3 Crypto Long & Short: Infrastructure is the prevailing currency in digital assets 3 hours ago 4 SecondFi loses $2.4 million in Cardano wallet exploit 4 hours ago 5 Trump's refusal to sign housing bill could delay Congress and imperil Clarity Act 4 hours ago 6 Ex-FCA policy insider explains the ‘great divide’ in the UK’s crypto ambition 4 hours ago 7 Bitcoin just broke below the floor of its famous Rainbow Chart into the ‘BTC is dead’ zone 5 hours ago 8 The banking lobby is wrong about stablecoins and community banks 5 hours ago 9 Gold, silver and bitcoin tumble as 'debasement' trade unwinds 6 hours ago 10 Bitcoin could fall to $55,000 before finding a bottom, 10x Research says 6 hours ago Latest Research CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high. By CoinDesk Research Jun 15, 2026 In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high. Why it matters : In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high. View Full Report More From Finance SecondFi loses $2.4 million in Cardano wallet exploit YZi Labs ends proxy war with BNB treasury company CEA Industries Cboe revives S&P 500 binary options, chasing a market popularized by Polymarket, Kalshi