Kalshi in advanced talks to raise about $1 billion at roughly $40 billion valuation
Kalshi is in advanced talks to raise about $1 billion at roughly a $40 billion valuation, with Sequoia Capital and Wellington Management in talks to lead. The round has not closed.
Why it matters
Bitcoin Insider's read is that a $40 billion valuation would place Kalshi among the more highly valued fintech and trading infrastructure companies to come out of the recent interest in event-based markets. Kalshi is pushing into multi-asset trading against CME Group and Intercontinental Exchange, and Crypto.News reports Polymarket is separately seeking about $1 billion, so two prediction-market operators would be raising billion-dollar rounds at the same time. Kalshi would reach that valuation while its state gambling regulatory disputes are unresolved.
Where the sources disagree
Baseline used to measure the jump to $40 billion
an eightfold increase from the $5 billion October 2025 valuation
Bitcoin.com News
a 700% increase from October 2025's valuation
Crypto News (CryptoNews.net)
an increase measured against the $22 billion May 2026 round
Crypto.News, TheNewsCrypto, Crypto News (CryptoNews.net)
nearly double in about five months
Unchained
Outlets anchor the increase to different earlier valuations, so the described size of the jump differs.
Time elapsed since the May $22 billion round
three months
TheNewsCrypto
four months
Crypto News (CryptoNews.net)
five months
Bitcoin.com News, Unchained
Three outlets count the gap between the May financing and the reported talks differently.
When talks at about $40 billion were first reported
reported on 29 September 2026 as a new round of talks
Bitcoin.com News, Crypto.News, Bitcoin Insider, Unchained, Crypto News (CryptoNews.net)
talks at about $40 billion reported in June, with Sequoia and Wellington's lead role reported by The Information in August
Unchained
The Reuters story is dated 29 September, while Unchained adds that talks at about $40 billion were already reported in June and that The Information reported Sequoia and Wellington in the lead role in August.
Figures that do not reconcile
Found by comparing the numbers in the reports automatically. They are differences, not yet confirmed to be about the same thing.
size of the raise (valuation)
$40 billion
Bitcoin.com News
$22 billion
Crypto.News
Bitcoin.com News reports $40 billion, Crypto.News reports $22 billion (45% apart).
size of the raise (valuation)
$40 billion
Bitcoin.com News
$22 billion
TheNewsCrypto
Bitcoin.com News reports $40 billion, TheNewsCrypto reports $22 billion (45% apart).
size of the raise (valuation)
$5 billion
Bitcoin.com News
$1 billion
Crypto.News
Bitcoin.com News reports $5 billion, Crypto.News reports $1 billion (80% apart).
size of the raise (valuation)
$5 billion
Bitcoin.com News
$1 billion
TheNewsCrypto
Bitcoin.com News reports $5 billion, TheNewsCrypto reports $1 billion (80% apart).
size of the raise (valuation)
$5 billion
Bitcoin.com News
$1 billion
Unchained
Bitcoin.com News reports $5 billion, Unchained reports $1 billion (80% apart).
size of the raise (valuation)
$22 billion
Bitcoin.com News
$40 billion
Bitcoin Insider
Bitcoin.com News reports $22 billion, Bitcoin Insider reports $40 billion (45% apart).
size of the raise (valuation)
$22 billion
Bitcoin.com News
$40 billion
Unchained
Bitcoin.com News reports $22 billion, Unchained reports $40 billion (45% apart).
size of the raise (kalshi valuation)
$5 billion
Crypto News (CryptoNews.net)
$1 billion
Crypto.News
Crypto News (CryptoNews.net) reports $5 billion, Crypto.News reports $1 billion (80% apart).
size of the raise (kalshi valuation)
$5 billion
Crypto News (CryptoNews.net)
$1 billion
TheNewsCrypto
Crypto News (CryptoNews.net) reports $5 billion, TheNewsCrypto reports $1 billion (80% apart).
size of the raise (kalshi valuation)
$5 billion
Crypto News (CryptoNews.net)
$1 billion
Unchained
Crypto News (CryptoNews.net) reports $5 billion, Unchained reports $1 billion (80% apart).
size of the raise (valuation)
$11 billion
Crypto News (CryptoNews.net)
$40 billion
Crypto.News
Crypto News (CryptoNews.net) reports $11 billion, Crypto.News reports $40 billion (72% apart).
size of the raise (valuation)
$11 billion
Crypto News (CryptoNews.net)
$40 billion
Bitcoin Insider
Crypto News (CryptoNews.net) reports $11 billion, Bitcoin Insider reports $40 billion (72% apart).
size of the raise (valuation)
$11 billion
Crypto News (CryptoNews.net)
$40 billion
TheNewsCrypto
Crypto News (CryptoNews.net) reports $11 billion, TheNewsCrypto reports $40 billion (72% apart).
size of the raise (valuation)
$11 billion
Crypto News (CryptoNews.net)
$40 billion
Unchained
Crypto News (CryptoNews.net) reports $11 billion, Unchained reports $40 billion (72% apart).
size of the raise (valuation)
$40 billion
Crypto.News
$22 billion
TheNewsCrypto
Crypto.News reports $40 billion, TheNewsCrypto reports $22 billion (45% apart).
size of the raise (valuation)
$22 billion
Crypto.News
$40 billion
Bitcoin Insider
Crypto.News reports $22 billion, Bitcoin Insider reports $40 billion (45% apart).
size of the raise (valuation)
$22 billion
Crypto.News
$40 billion
Unchained
Crypto.News reports $22 billion, Unchained reports $40 billion (45% apart).
size of the raise (valuation)
$40 billion
Bitcoin Insider
$22 billion
TheNewsCrypto
Bitcoin Insider reports $40 billion, TheNewsCrypto reports $22 billion (45% apart).
size of the raise (valuation)
$22 billion
TheNewsCrypto
$40 billion
Unchained
TheNewsCrypto reports $22 billion, Unchained reports $40 billion (45% apart).
Key facts
Kalshi is in advanced talks to raise about $1 billion in new funding at a valuation of roughly $40 billion.
1,000,000,000 USDDisputed figureReported by Bitcoin.com News
Sequoia Capital and Wellington Management are in talks to lead the round.
Reported by Bitcoin.com News
Tiger Global Management and Dragoneer Investment Group are among the investors discussing participation.
Reported by Bitcoin.com News
Kalshi declined to comment, Sequoia, Wellington and Dragoneer did not respond to Reuters, and the transaction remains unconfirmed with no closing date announced.
Reported by Crypto News (CryptoNews.net)
Kalshi announced a $1 billion Series F at a $22 billion valuation on May 7, led by Coatue and joined by Sequoia and Andreessen Horowitz.
1,000,000,000 USDDisputed figureReported by Crypto.News
Kalshi raised $300 million at a $5 billion valuation in October 2025 and $1 billion at an $11 billion valuation in December 2025.
300,000,000 USDDisputed figureReported by Crypto News (CryptoNews.net)
Kalshi's annualized trading volume rose from $52 billion to $178 billion over six months while institutional volume rose 800%.
178,000,000,000 USDReported by Crypto News (CryptoNews.net)
Kalshi is a CFTC-designated contract market and state gambling regulators continue to pursue it across several jurisdictions.
Reported by Bitcoin.com News
What happened
Reuters reported on 29 September that Kalshi, the New York-based prediction-market operator, is in advanced talks to raise about $1 billion in new funding at a valuation of roughly $40 billion. Sequoia Capital, already an investor, and Wellington Management are in talks to lead the round, while Tiger Global Management and Dragoneer Investment Group are among investors discussing participation, and Reuters said the transaction is expected to be finalized in coming weeks. TheNewsCrypto also reported that Alfred Lin, a Sequoia co-leader and a member of Kalshi's five-person board, is involved, and that early discussions about a possible IPO have begun with no timeline set. Kalshi declined to comment and Sequoia, Wellington and Dragoneer did not respond to Reuters, and Crypto News reports that neither the final investor lineup nor a closing date has been announced. A deal at $40 billion would follow the $1 billion Series F Kalshi announced on May 7 at a $22 billion valuation led by Coatue, with outlets counting three, four or five months between the two rounds. Unchained notes that talks at about $40 billion were already reported in June and that The Information reported Sequoia and Wellington in the lead role in August, and that Kalshi operates as a CFTC-designated contract market while state gambling regulators continue to pursue it in several jurisdictions.
How the story developed
- First report
First report by Bitcoin.com News
Sequoia, Tiger Global Circle Kalshi in Fresh $1B Funding Talks: Report
- Update
Reuters reports Kalshi in advanced talks for a $1 billion round at about $40 billion
Sequoia Capital and Wellington Management in talks to lead, Tiger Global Management and Dragoneer Investment Group discussing participation.
- Independent corroboration
Independently corroborated by Crypto.News
Kalshi could be worth $40 billion after new funding
- Update
Crypto.News adds that Polymarket is separately seeking about $1 billion
Reported separately from its own fundraising discussions.
- Update
TheNewsCrypto reports early IPO discussions and Alfred Lin's board seat
No IPO timeline has been set; Alfred Lin is a Sequoia co-leader and one of five Kalshi board members.
- Update
No confirmation: Kalshi declines comment and investors did not respond
Neither the final investor lineup nor a closing date has been announced; Reuters said the deal is expected to be finalized in coming weeks.
- Update
Unchained notes earlier $40 billion reporting
Talks at about $40 billion were reported in June, and The Information reported Sequoia and Wellington's lead role in August.
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 29 Sept 2026, 21:45 UTC: Bitcoin.com News, official — 1 independent source, 1 reports
- 30 Sept 2026, 04:47 UTC: Crypto.News — 2 independent sources, 3 reports
- 30 Sept 2026, 05:51 UTC: Bitcoin Insider — 3 independent sources, 4 reports
- 30 Sept 2026, 07:36 UTC: TheNewsCrypto — 4 independent sources, 5 reports
- 30 Sept 2026, 10:27 UTC: Unchained — 5 independent sources, 6 reports
Affected entities
Also mentioned: Ethereum, Binance, ARK Invest, NYSE
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| Bitcoin.com News Company, official | Sequoia, Tiger Global Circle Kalshi in Fresh $1B Funding Talks: Report | Original | |
| Unchained Crypto media | Kalshi Reportedly Nears $1 Billion Raise With Tiger Global and Dragoneer in Talks | Independent | |
| Crypto.News Crypto media | Kalshi could be worth $40 billion after new funding | Independent | |
| TheNewsCrypto Crypto media | Kalshi Eyes $40B Valuation in Fresh $1B Funding Push | Syndicated | |
| Crypto News (CryptoNews.net) Aggregator | Sequoia, Tiger Global Circle Kalshi in Fresh $1B Funding Talks: Report | Syndicated | |
| Bitcoin Insider Aggregator | Kalshi in Advanced Talks for Funding Round That Could Value It at $40 Billion | Syndicated |
Related events
Andreessen Horowitz renames crypto fund to a16z Frontier, expands mandate to AI and frontier tech
Andreessen Horowitz announced it is renaming its a16z Crypto fund to a16z Frontier and broadening its investment focus to include AI, robotics, and other emerging technologies while continuing crypto investments.
DATA Foundation shuts down blockchain and moves to Sui after $30 million investment
DATA Foundation, backed by a16z crypto, is retiring its blockchain and migrating to Sui following a $30 million investment from the Sui Foundation.
SEC Staff Say Buybacks on Functional Networks Are Not Investment Contracts; a16z Calls It a Loophole
SEC staff cleared non-security token buybacks on functional networks under the Howey test, but a16z called the guidance a loophole other sides dispute.
a16z and DeFi Fund Seek SEC Safe Harbor for DEXs as ARK Fund Clears Tokenized Shares
a16z and the DeFi Education Fund want an SEC safe harbor for decentralized exchanges, while the SEC separately cleared ARK Venture Fund exchange-listed and tokenized share classes.
Linera winds down after community token sale falls short of minimum despite $12M in prior funding
Linera shut down after a Sonar community token sale raised $848,271 but missed the $1.5M minimum, refunds went out, and emergency financing failed.
CME Group launches UNI futures and micro UNI futures for October 19 trade date
CME Group listed cash-settled UNI futures contracts in standard and micro sizes, with a market maker program and first block trade executed by FalconX and GSR.