Kalshi, the CFTC-regulated U.S. prediction market operator, has sold about $1.12 billion of equity since an April 3 first sale under a nearly $1.5 billion private offering, leaving roughly $380 million still available, according to an SEC Form D filed Aug. 25 that lists 71 investors and cites Rule 506(b) of Regulation D. A company spokesperson confirmed to Cointelegraph that the filing relates to its Series F round closed at a $22 billion valuation; Coatue led that May 2026 raise, with Sequoia Capital, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley and Ark Invest among participants, and the $1.12 billion reflected in the Form D likely includes those proceeds. Separate reports say Kalshi is in advanced talks for a further raise of about $750 million at a $40 billion valuation, with a possible close as early as the third quarter of 2026, though the company has not commented on those accounts. Platform activity has surged, with July volume near $40 billion versus a combined $12.9 billion for Polymarket and Polymarket US, while earlier coverage cited annualized revenue above $4 billion by July and informal IPO discussions with banks. Legal pressure is rising: a Washington state judge in mid-August ordered Kalshi to stop offering a broad range of event contracts there, rejecting its claim that federal law preempts state gambling rules, alongside other state disputes and a New York City Council probe into prediction-market marketing practices.