Kalshi in advanced talks to raise $1B at $40B valuation with Tiger Global, Dragoneer

Kalshi, the CFTC-regulated prediction markets platform, is in advanced discussions to raise approximately $1 billion in fresh funding that would value the company at roughly $40 billion. Tiger Global Management and Dragoneer Investment Group are among the prospective investors in the round. If the deal closes, it would represent an almost 82% jump in valuation from the $22 billion the company commanded just weeks ago during its Series F. For a company that was valued at $5 billion as recently as October 2025, that trajectory is the kind of growth curve that makes venture capitalists forget about sleep. A billion here, a billion there This would mark the third time in roughly seven months that Kalshi has raised $1 billion or more. The company pulled in $300 million at a $5 billion valuation in October 2025, then $1 billion at $11 billion in December 2025, and another $1 billion at $22 billion in May 2026 led by Coatue Management. Existing investors including Sequoia Capital may lead the upcoming round alongside Wellington Management. The deal could close within the coming weeks. What’s driving the frenzy? The numbers tell a pretty compelling story. Kalshi’s annualized trading volume...