The platform for trading event contracts, Kalshi, is in talks to raise at least $750 million in new funding at a valuation of around $40 billion. This was reported by The Information.
According to the publication, Sequoia Capital and Wellington Management are discussing the possibility of co-leading the investment round. For Wellington Management, this could be the first investment in Kalshi.
The new valuation represents a significant increase compared to May, when Kalshi was valued at $22 billion.
Platform Prepares for Potential IPO
In June, it became known that Kalshi was also discussing raising capital at a $40 billion valuation. Furthermore, the company held talks with several investment banks regarding a potential IPO.
According to The Information, these talks were at a preliminary and informal stage. The parties also discussed a possible partnership between Kalshi and the banks to offer its products to institutional clients.
At the same time, the platform faces legal and reputational issues.
The company FlightAware filed a lawsuit against Kalshi, accusing the platform of using its trademark and data for prediction markets. According to the plaintiff, this could damage the company's reputation.
Separately, Spotify demanded that Kalshi remove the service's logos and clearly state that there is no partnership between the companies. This was due to detected manipulations of music charts, which could have influenced the outcomes of bets on the platform.
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