Kalshi has raised about $1.12 billion through an equity offering since April, with a new U.S. securities filing showing roughly $380 million remains available under the nearly $1.5 billion offering.
SEC Filing Reveals Massive Raise
The Securities and Exchange Commission filing submitted on Aug. 25 shows Kalshi Inc. has sold $1.12 billion of equity since the first sale took place in April. Filed through Form D, the notice lists the total offering at nearly $1.5 billion and records about $380 million as remaining unsold. Form D is used by companies to report securities offerings that rely on exemptions from full SEC registration requirements.
The filing does not break down which financing rounds make up the $1.12 billion already sold. The amount could include Kalshi's previously disclosed $1 billion Series F financing. Coatue led the Series F announced in May, valuing Kalshi at $22 billion and bringing in capital from Sequoia Capital, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley and ARK Invest. The financing doubled Kalshi's valuation from the $11 billion level reached only months earlier and represented its third funding round in seven months.
New Talks Could Value Kalshi at $40 Billion
Investor discussions have continued since the May financing. The Financial Times reported in June that the company was seeking another funding round at a valuation of about $40 billion. The financing could close as early as the third quarter of 2026. In August, The Information reported that Kalshi was in advanced talks to raise at least $750 million at the same $40 billion valuation, with Sequoia Capital and Wellington Management discussing co-leading the transaction.
A $40 billion valuation would represent an increase of roughly 82% from Kalshi's $22 billion Series F valuation less than two months earlier. The size and terms of the proposed financing could still change. The latest Form D does not establish whether the $750 million financing forms part of the nearly $1.5 billion offering listed with the SEC.
Trading Volume Far Exceeds Rivals
Kalshi reported around $40 billion in volume during July, compared with a combined $12.9 billion for Polymarket and Polymarket US during the same month. The platform's annualized revenue had climbed above $4 billion by July, with activity surrounding the FIFA World Cup contributing to trading. Sports contracts have become a major source of Kalshi's activity, with figures discussed during a prediction market debate placing sports at roughly 85% to 90% of the platform's trading volume.
The company also reported more than two million monthly users and an annualized revenue rate of roughly $1.5 billion at the time of the Series F. Kalshi CEO Tarek Mansour said event contracts had the potential to become a trillion-dollar market. The funding was expected to support additional institutional adoption among hedge funds, asset managers, proprietary trading firms and other professional market participants.
Expansion Into Crypto Derivatives
Kalshi has also moved beyond its core prediction markets by expanding into perpetual futures. The company introduced regulated Bitcoin perpetual futures in the United States earlier this year before adding Ethereum contracts and filing for products linked to XRP, Solana, Dogecoin, Hyperliquid and other digital assets. Within roughly two weeks of launch, Kalshi's perpetual futures volume exceeded $5.5 billion.
Kalshi operates as a designated contract market regulated by the Commodity Futures Trading Commission, allowing it to offer event contracts under federal derivatives rules. The company has also explored an initial public offering, having started informal IPO discussions with investment banks by June, although it had not committed to a timeline for going public.
