Kalshi is in talks to raise about $40 billion in new capital, an 82% jump from the $22 billion it raised less than two months ago.
Summary
- Kalshi is reportedly seeking new funding worth $40 billion, up 82% since May.
- The company has processed more than $17 billion in monthly trading volume and recently expanded perpetual crypto.
- Legal disputes with CME Group and several US states continue as Kalshi expands its product.
According to a Financial Times report citing people familiar with the talks, Kalshi is seeking a new round of financing that could cost market operators an estimated $40 billion, with the financing likely to close as early as the third quarter.
The proposed valuation would represent another sharp increase for the company, which was valued at $22 billion during a $1 billion financing round completed in May. Earlier in 2025, Kalshi was worth about $5 billion, and its December value stood at $11 billion before doubling in recent funding.
Investors in previous funding include Coatue, Sequoia Capital, Andreessen Horowitz, and Morgan Stanley. Once completed, the new round will push Kalshi’s rating to eight times the level recorded earlier this year.
Trade growth supported investor interest
The Financial Times reported that Kalshi’s rapid rise was due to increased activity in all speculative markets related to sports, politics, financial markets and entertainment.
Company statistics show that Kalshi processed more than $17 billion in trading volume last month, up from less than $5 billion in the same period last year. At the time of its fundraising announcement in May, the company said annual trading volume had reached $178 billion, three times the level recorded six months ago.
Contracts related to sports remain the largest category of the platform, accounting for about 65% of the total volume, according to company data. The multi-effect contracts introduced last year have also become one of Kalshi’s fastest growing products.
Recent product launches have expanded the company’s reach beyond event markets. Earlier on June 24, Kalshi expanded its crypto perpetual futures program regulated by the Commodity Futures Trading Commission by adding contracts tied to Zcash, Near Protocol, and Shiba Inu. The additions increased the number of supported digital assets to 13, with contracts that operate without expiration dates under a CFTC-approved structure.
Legal disputes continue in many areas
While pursuing new funding, Kalshi is still involved in several legal and regulatory battles linked to its products.
The latest controversy arose after the company introduced permanent cryptocurrency futures following approval by the CFTC. CME Group then sued the regulator, arguing that the products should be classified as flexible and subject to a different regulatory review process.
Elsewhere, state-level challenges continue to target Kalshi’s event contracts. Arizona filed criminal charges against the company in March, alleging that it operated without a gambling license and offered prohibited election-related contracts.
Separately, a Massachusetts judge ordered Kalshi to stop awarding sports-related contracts to the state unless he obtains a license for the venue.
Kalshi has disputed those actions and maintains that its event contracts fall under the exclusive jurisdiction of the federal derivatives regulator. As the company seeks another major round of financing, ongoing court cases are emerging along with its entry into new markets and the rapid growth of its trading business.
