Kalshi Predictive Market in Talks with Sequoia Capital and Wellington for New Funding Round of At Least $750 Million

Coin Circle (120btc.CoM): The compliant predictive market platform Kalshi is advancing a new round of equity financing. The funding sources include existing shareholder Sequoia Capital and new entrant Wellington Management. The two firms are considering co-leading the investment, with this round expected to raise at least $750 million, and there is potential for an increase in the amount later.

This transaction will push Kalshi's post-money valuation to $40 billion. Back in May, the platform completed a $1 billion Series F financing at a valuation of $22 billion. In just three months, its enterprise valuation has achieved an 82% surge.

The period for doubling the valuation has been compressed to a single quarter. The continuous investment from top-tier capital reflects the institutions' strong preference for the compliant predictive derivatives sector.

Strong business fundamentals support the high valuation expansion. Kalshi's annualized revenue surged to $4 billion in July. Compared to the $2 billion base disclosed in June, its monthly performance has doubled again.

Sports-related predictive contracts contribute to over 80% of the platform's trading volume. The 2026 World Cup has become the core growth engine. This single top-tier event has brought in approximately 3 million new active users to the platform in a short time.

The influx of new users has significantly increased trading depth. The platform's fee income has risen alongside the flow of funds. This flywheel effect has directly widened the financial gap between it and its competitors.

The competitive landscape in the industry shows significant differentiation. Competitor Polymarket's annualized revenue during the same period is $1.1 billion. Kalshi has announced that it now controls 95% of the revenue share in the U.S. predictive market.

The valuation gap between the two leading platforms has also widened. Polymarket's recent valuation target is $20 billion, which is only half of Kalshi's current valuation.

The clear leading advantage is accelerating its path to securitization. CEO Tarek Mansour has confirmed that the company is considering officially launching an IPO in 2027. The platform is attempting to convert the current liquidity dividend into pricing power in the public market.

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