Kalshi is wrapping up a financing round that values the New York-based prediction-market operator at about $40 billion, Bloomberg reported in an account relayed by Cointelegraph on Oct. 1, 2026. The transaction is described as likely its last private financing before an initial public offering that could arrive as soon as 2027. Sequoia Capital and Wellington Management are key backers in the proposed round, while talks have reportedly involved Tiger Global and Dragoneer Investment Group. The valuation would extend a sharp rise from $11 billion in December 2025 and $22 billion after a $1 billion Series F round in May 2026. Trading volume rose from $52 billion to $178 billion over six months, with sports-related contracts accounting for about 65% to 70% of activity. Kalshi operates as a CFTC-regulated contract market, but legal and state-level disputes over event contracts, particularly sports products, remain unresolved.