Kalshi seeks to raise funds at a valuation of approximately $40 billion

Odaily reported that according to sources familiar with the matter, prediction market platform Kalshi is seeking to raise new funds at a valuation of approximately $40 billion, nearly double its previous fundraising target of $22 billion.

The fundraising could be completed as early as the third quarter of this year. If the deal is successful, Kalshi will expand its valuation lead over competitor Polymarket, which was previously reported to be seeking funding at a valuation of $15 billion.

Previously, Kalshi CEO Tarek Mansour stated in an interview with CNBC that the company is considering an eventual initial public offering, but it will not happen before 2027. (Coindesk)