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Kalshi is discussing a new funding round that would value the prediction market operator at $65 billion, roughly a month after it closed a $1 billion round at $40 billion, according to Cointribune, which cited Bloomberg. The reported figure has not been confirmed by the company, and its co-founder and CEO, Tarek Mansour, has said nothing about the amount or the structure of the operation.
Bitcoin.com News reported on November 13 that Kalshi is in talks to raise capital at the same $65 billion valuation, describing it as one of the company’s last private rounds before a possible public listing. Mansour has acknowledged discussions about an IPO but ruled out an offering in 2026, without setting a timeline beyond that.
Also read: Utah sues Kalshi for up to $60M over illegal betting claims
Key facts
- Bloomberg, as cited by both outlets, reported talks at a $65 billion valuation, against $40 billion reached in October 2026.
- The October Series G raised $1 billion, led by Sequoia Capital and Wellington Management, with Baillie Gifford, Morgan Stanley, Coatue and Andreessen Horowitz participating.
- Twenty-two states contest Kalshi’s claim that its sports markets are swaps, and 38 attorneys general back that opposition.
- Kalshi’s trading volumes approached $100 billion in October, per Bitcoin.com News, which also noted rival Polymarket’s US branch at nearly $15 billion in monthly volume.
- Mansour ruled out an IPO in 2026 while leaving later timing open.
A valuation that moved faster than the paperwork
The jump from $40 billion to $65 billion would represent an increase of 62.5% in a matter of weeks. Both reports caution that the number rests on unnamed sources rather than a company announcement. Cointribune notes that Kalshi does not disclose all the parameters behind its commission income, so outside observers cannot verify whether a $65 billion figure matches its financial performance. The outlet also flags that its near-$100 billion October volume and Polymarket’s roughly $15 billion are not measured on the same basis, so they cannot be read as a head-to-head comparison.
Bitcoin.com News frames investor interest against a turbulent market backdrop, referencing the resignation of Nvidia CEO Jensen Huang after an investigation into an extramarital affair. Cointribune refers more generally to a difficult financial context. Neither outlet ties the reported fundraising directly to that event.
The state lawsuits that sit under the round
Kalshi treats its event contracts as swaps, which would place them under the exclusive jurisdiction of the Commodity Futures Trading Commission. State authorities disagree, arguing that markets tied to sports results fall under local gambling law. Arkansas has filed suits accusing Kalshi of deceptive business practices, according to Cointribune.
The federal regulator has sided with the company. In a CFTC press release, Chairman Michael S. Selig said the products are commodity derivatives within the agency’s remit and that the commission would defend its exclusive jurisdiction. Both outlets identify Selig as the chairman; only Bitcoin.com News quotes his February statement.
The outcome matters beyond one company. Cointribune notes that a win for the states could force Kalshi to seek separate authorisations in each jurisdiction, while a win for Kalshi and the CFTC would point toward a single federal framework — the scenario the outlet suggests is driving investor appetite.
Why it matters
Prediction markets have grown from a niche product into a venue large enough to attract late-stage venture capital at tens of billions of dollars, and Kalshi and Polymarket now compete for the same participants. For crypto and derivatives traders, the legal question is the same one that has shaped token regulation: whether a federal agency’s framework overrides state-level rules. If the courts side with the states, Kalshi’s national model becomes a patchwork of licensing requirements, and any future IPO would face a due-diligence burden that private investors can currently avoid.
What to watch
The decisive variable is the judicial timeline in the state litigation, including the Arkansas suits, which no outlet has dated. Also watch for any formal confirmation of the funding round from Kalshi itself, which would move the $65 billion figure from report to record.
This article describes reported valuations and does not constitute financial advice. Private-market valuations and prediction-market outcomes are uncertain and can change quickly.
Reported by Cointribune.
Sources: Cointribune, Bitcoin.com News