Kalshi weighs $65 billion valuation in fresh compute-futures raise

Kalshi is considering another private funding round that would value the prediction-market operator at $65 billion, a sharp increase only weeks after its last financing. The proposed capital would be used to build a platform for trading compute futures, contracts tied to the future cost of computing resources such as cloud and GPU capacity.

Bloomberg reported that Kalshi had expected its late-October financing to be its final private-market round before an anticipated initial public offering, but chose to seek further private capital.

As we reported on Oct. 29, Kalshi had just completed a $1 billion funding round at a $40 billion valuation. Sequoia Capital and Wellington Management led that round, with Baillie Gifford, Morgan Stanley Investment Management, Coatue Management and Andreessen Horowitz also participating.

A $65 billion valuation would be $25 billion above the value placed on Kalshi in October. That earlier valuation had risen from $22 billion in May, when the company also raised $1 billion in a Coatue-led round.

The planned compute-futures platform would extend Kalshi’s push into newer products beyond event contracts and place it in competition with established exchange operators, including CME Group and Intercontinental Exchange. Compute futures can allow companies to hedge or speculate on the prices of cloud and GPU capacity, potentially locking in processing power and reducing exposure to price volatility.

CME Group has said it is partnering with Silicon Data to launch compute futures later this year, subject to regulatory review. The Commodity Futures Trading Commission has postponed approval of futures linked to GPU rental prices while consulting benchmark providers over concerns about price manipulation in the emerging market.

Michael Selig, the CFTC chairman, said the United States could not win the AI race without “a robust derivatives market for compute.” Separately, the agency has proposed amendments governing event-contract derivatives, or prediction markets, including rules on contracts that could be considered contrary to the public interest.

Kalshi’s fundraising comes as prediction markets have expanded rapidly. The CFTC said total trading volume across CFTC-registered prediction markets exceeded $25 billion in 2025, while noting that such markets can provide price discovery and allow participants to hedge event risks where traditional instruments do not exist.