The Financial Times reported on 24 Jun that Kalshi is negotiating a new funding round that would value the firm at about $40bn, the same day CEO Tarek Mansour first publicly confirmed the US prediction market operator is weighing an eventual IPO.
Kalshi Eyes IPO amid Reports of $40bn Valuation: FT
25 June 2026 - 04:37 CEST
By Oihyun Kim
$40bn talks unconfirmed
The FT, citing people familiar with the matter, said the round could close as soon as Q3, nearly doubling the $22bn valuation Kalshi secured in May in a Coatue Management-led round that included Sequoia Capital, Andreessen Horowitz and Morgan Stanley.
The figure has not been independently confirmed. CNBC reporter Contessa Brewer said sources close to Kalshi indicated the firm was not actively raising money, even as discussions reflected a surge in trading activity.
Speaking on CNBC's Squawk Box, Mansour said growth at Kalshi's scale made an IPO conversation inevitable. "That sort of conversation has to happen," he said, ruling out a debut this year. The Information reported last week that informal talks with investment banks had begun, and that any listing was unlikely before late 2027 or 2028.
An IPO would be the first major prediction-market listing, anchoring Kalshi's CFTC-regulated model as more than a dozen US states challenge its event contracts as unlicensed sports betting. Most recently, Kalshi filed a federal lawsuit against Illinois on 23 Jun over SB 3019, a state gambling licensing law set to take effect on 1 Jul.
Sports drive $17bn volume
Monthly notional volume topped $17bn in May, up from less than $5bn a year earlier, according to company figures, driven by sports-event contracts during the NBA playoffs and the FIFA World Cup.
The Information puts annualized revenue above $2bn, roughly triple the November 2025 level. A $40bn round would widen the lead over Polymarket, the crypto-native rival that settles trades onchain in USDC, last reported seeking funds at a $15bn valuation.
