Kalshi Has Sold $1.12B in Equity Since April Filing Shows

TL;DR

• Kalshi has sold approximately $1.12 billion in equity under a securities offering initiated in April.

• The prediction market platform’s total offering is valued at nearly $1.5 billion, leaving around $380 million available.

• The reported amount may include Kalshi’s $1 billion Series F round, which valued the company at $22 billion.

Prediction market platform Kalshi has sold approximately $1.12 billion in equity since April, according to a new regulatory filing with the US Securities and Exchange Commission.

The company disclosed the figure in a Form D filed on Tuesday. Kalshi registered a total offering of nearly $1.5 billion, meaning approximately $380 million in securities remains available for sale under the same notice.

Filing May Include Kalshi’s $1 Billion Series F

The $1.12 billion disclosed in the filing may include Kalshi’s $1 billion Series F funding round announced in May.

Coatue led the investment, which valued the prediction market company at $22 billion. Other participants included Sequoia Capital, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley and Ark Invest.

It is not yet clear whether the filing reflects only the Series F and related transactions or includes capital from a separate financing round.

Kalshi has been contacted for additional information about the Form D and its ongoing fundraising plans.

Reports following the Series F indicated that Kalshi was pursuing another investment round at a valuation of approximately $40 billion.

The Financial Times reported in June that the company could complete the financing as early as the third quarter of 2026.

More recently, Kalshi was reportedly in advanced discussions with Sequoia Capital and Wellington Management about raising $750 million at the proposed $40 billion valuation.

If completed on those terms, the round would nearly double the valuation Kalshi secured through its Series F.

Prediction Market Activity Drives Investor Interest

Kalshi’s fundraising efforts come as prediction markets attract growing interest from investors and traders.

The platforms allow users to trade contracts based on the outcomes of events covering politics, economics, financial markets, sports and other topics.

Kalshi has emerged as the market leader by trading volume, reporting approximately $40 billion in transactions during July.

Kalshi’s July volume substantially exceeded the combined activity of Polymarket and Polymarket US.

The two competing platforms generated a combined $12.9 billion in monthly volume over the same period, less than one-third of Kalshi’s total.

The difference highlights Kalshi’s rapid growth and helps explain why investors may be willing to consider a significantly higher valuation only months after its previous funding round.