Kalshi has completed a $1 billion funding round that values the New York-based prediction market operator at $40 billion, the company announced on Thursday. The financing, confirmed by the company and reported by Reuters and CNBC, arrives just over five months after a Coatue-led round that valued the platform at $22 billion – capping a valuation trajectory that has accelerated from $2 billion in June 2025 to $5 billion in early 2025, $11 billion in December, and $22 billion in May of this year.
Growth Beyond Prediction Markets
The new capital comes as Kalshi pushes to transform itself from a CFTC-regulated event contract exchange into a multi-asset trading platform. In recent months, the company has launched perpetual futures on cryptocurrencies, which reportedly generated more than $5.5 billion in trading volume shortly after debut, and announced plans to roll out roughly 60 perpetual contracts tied to exchange-traded funds and single stocks of companies with a market value of at least $100 billion.
Commercial momentum has been substantial. Kalshi’s annualized revenue surpassed $4 billion in July 2026, more than doubling from an annualized pace of over $2 billion two months earlier, with wagers on the 2026 FIFA World Cup cited as a major contributor. Industry-wide trading volume on prediction markets has climbed from under $5 billion monthly in mid-2025 to nearly $24 billion in April 2026, according to Pew Research Center analysis.
Kalshi was founded in 2018 by former MIT classmates Tarek Mansour and Luana Lopes Lara and remains under the leadership of the two co-founders as chief executive and chief technology officer, respectively.
An Initial Public Offering on the Horizon
The pre-IPO funding round has intensified speculation about a public listing. Mansour told CNBC’s “Squawk Box” in June that the company is considering going public, though he confirmed a debut would not occur in 2026. At the new valuation – nearly double that of rival Polymarket, which was valued at $15 billion in a recent round – Kalshi would rank among the most valuable private fintech companies should it pursue a listing in 2027 or beyond.
