Kalshi reportedly raised $1 billion in a financing round that values the prediction-market operator at $22 billion. The reported valuation is double the figure following its December 2025 financing; investors led by Coatue Management reportedly participated.
The reported raise and valuation indicate the scale of capital being committed to a prediction-market operator facing state-level legal challenges.
The day’s most important stories, free. One email a day.
Kalshi chief executive Tarek Mansour said the company is considering an IPO but will not go public in 2026, describing the discussions as early-stage. A fundraising round targeting a $40 billion valuation was reported, while Kalshi’s last stated valuation was $22 billion after a $1 billion Series F in March. Mansour gave no listing date beyond saying a 2026 debut was ruled out.
US senators Elizabeth Warren and John Curtis asked Kalshi and Polymarket for details of safeguards against insider trading and manipulation on election-related prediction markets. Their bipartisan letter also sought information about previous enforcement actions and suspected violations of Commodity Futures Trading Commission rules. The senators cited concerns about candidate trading and alleged manipulation, including cases involving Kalshi and Polymarket.
Kalshi chief executive Tarek Mansour defended prediction-market transparency at DC Fintech Week, saying visible transactions help identify suspicious activity. The report cited enforcement actions involving George Santos and Gabriel Perez, as well as a criminal case involving alleged trading by Gannon Ken Van Dyke. Kalshi said it has added employer disclosures and compliance checks for contracts involving potentially sensitive information.
The White House is due to host representatives of prediction-market and cryptocurrency businesses in Washington on 19 August, including Kalshi and Polymarket, according to reports. The meeting precedes the CFTC Innovation Advisory Committee’s first meeting on 20 August, where event contracts are among the topics; Kalshi argues its contracts fall under federal CFTC jurisdiction rather than state betting-licensing rules.
New Jersey’s attorney general’s office sought an extension on 26 June to petition the US Supreme Court over prediction markets, according to reports. The state is considering a formal request by 4 September, while a bill that received an initial legislative approval would impose a 9% tax on prediction market operators.