Kalshi Seeks $40B Valuation Weeks After $1B Raise: FT

According to the Financial Times, prediction market platform Kalshi is in talks to raise funds at a $40 billion valuation, nearly double the $22 billion it was valued at following its $1 billion raise last month from backers including Sequoia Capital and Andreessen Horowitz. CEO Tarek Mansour told CNBC the company is considering an IPO but will not go public in 2026, with a listing potentially occurring in 2027 or 2028.

The fundraising comes as Kalshi faces escalating legal challenges in the U.S., with federal and state authorities in dispute over whether prediction market sports contracts fall under CFTC jurisdiction or constitute illegal gambling. The CFTC has sued Kentucky to block state enforcement, marking its ninth state lawsuit, while Arizona, Massachusetts, Nevada, and Kentucky have separately pursued their own restrictions or legal action against the platform.