The prediction market was valued at $22 billion in a $1 billion funding round just four months ago, after doubling its valuation from December.
Prediction market platform Kalshi is reportedly now in “advanced talks” to raise approximately $1 billion in a new funding round at a valuation of $40 billion.
Existing investor Sequoia Capital and Wellington Management are in talks to lead the round, which could include Tiger Global Management and Dragoneer Investment Group, people familiar with the matter told Reuters.
It comes after Kalshi closed a $1 billion Series F round in May at a $22 billion valuation, doubling its valuation from December.
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