Kalshi in talks to raise at a $65B valuation, up from $40B in October

Kalshi is in talks to raise new funding at a $65B valuation, Bloomberg reported, citing one person familiar with the discussions. Kalshi declined to comment.

That is 62.5% above the $40B valuation set in late October, when the prediction market raised $1B in a round co-led by Wellington and Sequoia. That round had been expected to be its last before an IPO. In May, a Coatue-led $1B round valued the company at $22B.

Monthly trading volume by contract value rose from $40B in August to nearly $100B in October, according to Bloomberg's analysis of Kalshi data. Annualized revenue recently passed $5B, per the same report. Sports made up most of the trading over the past year.