Kalshi raises $1.12 billion in private equity sale, SEC filing reveals

Kalshi sells $1.12 billion in equity since April

Kalshi, a platform where users can bet on real-world events like elections or company performance, has raised $1.12 billion through a private sale of company shares since April. The information comes from a filing with the U.S. Securities and Exchange Commission (SEC) made on August 25, 2026.

The filing shows that Kalshi still has about $380 million left to sell in this offering, which totals nearly $1.5 billion. The money raised may include a $1 billion funding round Kalshi completed in May, when its value was set at $22 billion.

Key details from the filing

• Total equity sold since April: $1.12 billion
• Remaining amount available in this offering: $380 million
• Total offering size: nearly $1.5 billion
• Previous funding round in May valued Kalshi at $22 billion
• Reports suggest Kalshi is seeking new funding at a $40 billion valuation

What the SEC filing shows

The SEC filing, known as Form D, is a document companies use to report private sales of securities. It confirms that Kalshi has sold $1.12 billion worth of equity since April 3, 2026. The filing does not name the buyers or specify if this includes the $1 billion raised in May.

Reports of new funding round

Several news outlets have reported that Kalshi is in talks to raise another $750 million at a $40 billion valuation. The Financial Times reported in June that this new round could close as early as the third quarter of 2026. The Information later reported that Sequoia Capital and Wellington Management are in advanced talks to lead this round.

These reports remain unconfirmed by Kalshi. The company has not commented on the SEC filing or the new funding round.

What is confirmed

• Kalshi has sold $1.12 billion in equity since April, according to the SEC filing.
• The company has $380 million remaining in its current offering.
• Kalshi raised $1 billion in May at a $22 billion valuation.
• Kalshi is the largest prediction market, with $40 billion in trading volume in July.

What is still unclear

• Whether the $1.12 billion includes the $1 billion raised in May.
• If Kalshi is close to finalizing a new $750 million funding round at a $40 billion valuation.
• The names of investors in the current equity sale.
• When or if the new funding round will be completed.

Why this matters for prediction markets

Prediction markets allow people to bet on the outcome of events, like elections or sports games. The money raised by Kalshi shows strong investor interest in this type of platform. Kalshi is currently the market leader, with trading volume far exceeding its competitors. In July, Kalshi reported $40 billion in trading volume, while its main competitor, Polymarket, had $12.9 billion.

More funding could help Kalshi grow its platform, add new features, or expand to new markets. This could make prediction markets more popular and accessible to a wider audience.

Sources

• The Block
• SEC Form D filing