Kalshi filing shows $1.12 billion raised since April

Kalshi has sold about $1.12 billion of equity since April, according to a Form D filing made public on Tuesday, leaving roughly $380 million still available in a private offering with a total size of nearly $1.5 billion.

As reported earlier this month, Kalshi was already talking to investors about a fresh round at a $40 billion valuation.

The latest tally may include Kalshi's $1 billion Series F round, disclosed in May and led by Coatue. That round valued the prediction-market exchange at $22 billion and also drew Sequoia Capital, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley and Ark Invest.

Separately, The Information reported that Kalshi was in advanced talks with Sequoia Capital and Wellington Management for a distinct $750 million round at the same $40 billion valuation.

Cryptonomist said the filing showed money from 71 investors and that the offering began on 3 April. A Form D is the SEC notice used for exempt securities offerings, and companies generally file it within 15 days of the first sale.

Kalshi remains the market leader in prediction markets. The Block said its July trading volume reached $40 billion, compared with $12.9 billion combined for Polymarket and Polymarket US, while Cryptonomist said annualized revenue had crossed $2 billion and institutional trading volume rose 800% in the six months to April.