The event contract trading exchange Kalshi reported raising $1.12 billion through a private placement of shares. This follows from documents filed with the SEC.
The document reveals that the first sale occurred in early April 2026. In total, Kalshi offered shares worth $1.49 billion to private investment funds but sold only $1.12 billion worth.
Notably, this is the total amount of funds received by the company from April to August 2026. It may also include the $1 billion round that became known in May.
It was led by Coatue Management, with participation from Sequoia Capital, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley, and ARK Invest. The platform's valuation following this round reached $22 billion.
It is known that the deal was structured as an agreement with preferred shares priced at $604.86 each. They can be converted into common securities after an initial public offering (IPO) at a 1:1 ratio.
Recall that in June 2026, information emerged that Kalshi had begun preparing for listing. Also, according to press reports, it plans to raise an additional $750 million at a valuation of $40 billion, which may indicate high demand for the shares.
Based on the company's valuation of $22 billion, participants in the $1 billion round gained control of approximately a 4.5% stake in the company. Judging by the documents, sales occurred directly, without the involvement of a dealer.
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