Kalshi, the regulated prediction market platform, has raised $1.12 billion through a private equity offering since April, according to its latest Form D filing with the US Securities and Exchange Commission.
Filing Details
The Form D filing, submitted on Wednesday, discloses the aggregate amount raised across the offering since it opened in April. Form D filings exempt private placements from full securities registration and require issuers to report the total sold to date when they amend.
The figure was first reported by The Block.
Toward a $40 Billion Valuation
It was reported earlier in August that Kalshi is seeking to raise $750 million in fresh capital at a $40 billion valuation, a sharp increase from the roughly $2 billion valuation attached to its early-2025 funding round.
The new filing indicates investors have continued committing capital at scale while the larger round is being finalized.
Prediction Markets Go Mainstream
Kalshi operates a CFTC-regulated exchange for event contracts, allowing traders to take positions on outcomes ranging from economic data releases to elections and weather. The platform's volumes surged through late 2025 and 2026 as prediction markets moved from a niche corner of crypto into mainstream financial and political commentary.
The growth has drawn competition from crypto-native platforms. Polymarket, the largest decentralized prediction market, has been expanding its US footprint, and Coinbase-affiliated exchange Coinbase Derivatives has announced plans to launch its own prediction markets products. Gemini said this week it plans to distribute crypto prediction markets through Apex brokerages.
Regulatory Spotlight
The sector's rise has also attracted regulatory scrutiny. The CFTC is currently sparring with a US soldier accused of placing an illegal Polymarket bet, a case that could clarify how prediction market rules apply to retail participants. Separately, the Hyperliquid Policy Center urged the SEC and CFTC this week to harmonize rules for perpetual contracts, another fast-growing crypto-adjacent derivatives market.
Kalshi's billion-dollar raise signals that institutional investors expect event contracts to become a durable asset class rather than a passing cycle — and are willing to fund the infrastructure at private-market valuations comparable to mid-sized exchanges.