TLDR Kalshi has sold $1.12 billion in equity since April, according to an SEC filing. About $380 million remains available under the nearly $1.5 billion offering. Kalshi’s Series F round in May valued the company at $22 billion. Kalshi is reportedly in talks for a new round at a $40 billion valuation. July trading volume reached about $40 billion, more than Polymarket’s total for the month.
Kalshi has raised $1.12 billion in equity since April, according to a new U.S. securities filing. The filing was submitted to the Securities and Exchange Commission on August 25.
It shows the prediction market operator’s total offering at nearly $1.5 billion. About $380 million remains unsold.
The filing does not say which funding rounds make up the $1.12 billion already sold. It may include Kalshi’s earlier Series F round.
Funding Rounds Have Raised Kalshi’s Valuation
Kalshi’s Series F round closed in May. It was led by Coatue and valued the company at $22 billion.
Other investors included Sequoia Capital, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley, and ARK Invest.
The round doubled Kalshi’s valuation from $11 billion, a level the company had reached only months earlier. Before that, Kalshi had raised $300 million at a valuation of about $5 billion.
Kalshi also reported fast growth around the time of the Series F. Annualized trading volume rose from $52 billion to $178 billion in six months.
Institutional trading volume increased 800% over the same period. The company also reported more than two million monthly users.
A New Round and Possible Public Listing
Investor talks have continued since May. The Financial Times reported in June that Kalshi was seeking a new round at a valuation of about $40 billion.
That figure would be about 82% higher than the $22 billion Series F valuation reached