TL;DR
- Kalshi has raised $1.12 billion through a private equity offering since April 3, leaving $380 million available under the same Form D notice.
- The total may include the $1 billion Series F led by Coatue, which valued Kalshi at $22 billion and included major investors.
- Reports say Kalshi is pursuing a $750 million round at a $40 billion valuation, while July trading volume reached $40 billion, above Polymarket’s $12.9 billion.
Kalshi has raised about $1.12 billion through a private equity offering since April 3, according to its Form D filing with the U.S. Securities and Exchange Commission. The filing says the prediction market platform has sold $1.12 billion of nearly $1.5 billion in securities under the notice, leaving around $380 million open. The scale is striking because Kalshi has already absorbed more than a billion dollars of private capital while retaining substantial room under the same offering. The filing was submitted Tuesday, providing a snapshot of how much equity the company has sold since spring.
The $1.12 billion figure may include Kalshi’s $1 billion Series F financing, disclosed in May and led by Coatue. That round valued the company at $22 billion and included Sequoia Capital, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley and Ark Invest. The unanswered question is how much of the latest Form D total reflects that announced financing and how much represents newer capital. The filing does not break down the sold amount by round, leaving investors to interpret the relationship between the Series F and subsequent fundraising activity as Kalshi continues pursuing financing.
Kalshi’s funding momentum collides with a rapidly rising valuation
Reports since the Series F suggest Kalshi is pursuing another capital raise. Earlier this month, the company was reportedly in advanced talks with Sequoia Capital and Wellington Management for $750 million at a $40 billion valuation. A previous report said the round could close in the third quarter. If completed at that valuation, the financing would mark a dramatic step up from the $22 billion level attached to the May round. Yet Kalshi has not clarified whether the $380 million remaining under the Form D notice relates to those negotiations or another part of its financing strategy.
The fundraising push comes as Kalshi leads the expanding prediction market sector by trading activity. The platform recorded $40 billion in trading volume during July, far above the combined $12.9 billion monthly volume reported for Polymarket and Polymarket US. That operating scale helps explain why investors may be willing to finance the company at increasingly ambitious valuations. Still, the filing confirms only the amount of equity sold and remaining under the notice, not terms for any future round. For now, Kalshi’s latest disclosure shows a company pairing rapid market growth with an equally aggressive private-capital campaign.
