Kalshi raises $1.12B in private equity offering as prediction markets go institutional

Kalshi has quietly become one of the fastest-growing financial platforms in the US, and the money is starting to reflect that. The New York-based prediction market operator has raised approximately $1.12 billion through a private equity offering that kicked off on April 3, 2026, according to a Form D filing made public on August 26. The filing shows 71 investors have participated so far, with roughly $380 million still available under the offering. The total target sits at approximately $1.5 billion, meaning Kalshi is about three-quarters of the way to its goal. One raise wasn’t enough The private equity offering runs alongside a separate $1 billion Series F round that Kalshi closed in May 2026, which pegged the company’s valuation at $22 billion. That round was led by Coatue, with Sequoia Capital and Andreessen Horowitz among the participants. Reports from June through August 2026 indicate the company is in separate discussions for a $750 million round that would value the business at $40 billion. The trading numbers that explain everything Kalshi’s annualized trading volume reached $178 billion by April 2026, up from roughly $5 billion a year prior. Institutional trading volume c...