Kalshi in advanced talks to raise about $1B at $40B valuation, Reuters reports

Who's reportedly at the table

Existing investor Sequoia Capital and Wellington Management are in talks to lead the round, people familiar with the matter told Reuters. The same sources said the round could also include Tiger Global Management and Dragoneer Investment Group.

None of those firms are confirmed participants. It's a set of talks (not a signed deal), and Reuters' sources didn't say otherwise.

Kalshi didn't immediately respond to Cointelegraph's request for comment. Neither did Sequoia Capital, Wellington Management, Tiger Global Management or Dragoneer Investment Group.

A valuation that's already doubled once

Kalshi closed a $1 billion Series F round in May at a $22 billion valuation, and that round doubled its valuation from December. That's the baseline the new talks are being measured against.

The $40 billion number isn't new, though.

Reports that Kalshi was seeking funding at that level first emerged in June. The Financial Times reported on June 24 that the company was in talks to raise funds at a $40 billion valuation, and it said at the time that the round could close as soon as the third quarter of the year. Reuters' latest report, as relayed by Cointelegraph, describes the talks as advanced. It doesn't say they've concluded, and it doesn't give a closing date.

What's still unconfirmed

Quite a lot. The raise size, the valuation and the investor lineup all come from anonymous people familiar with the matter who spoke to Reuters, and none of the parties had responded to Cointelegraph when its report ran. Until Kalshi or one of the named firms says something on the record, the $40 billion figure is a reported number from talks that haven't been finalized.

We'll update this story if Kalshi or its reported backers comment.