Kalshi is reportedly seeking fresh funding at about a $40 billion valuation, with a deal that could close as early as the third quarter, extending the prediction market operator’s lead over rival Polymarket if completed. The reported valuation is up sharply from the company’s previous $22 billion valuation less than two months earlier. CEO Tarek Mansour has previously said Kalshi is preparing for an IPO after 2027, while earlier reporting indicated the company is not expected to go public in 2026 and that the timing remains uncertain beyond that.