Kalshi is in final negotiations for a financing round that would value the prediction market platform at roughly $40 billion, according to Bloomberg reporting. The proposed transaction could position the New York-based company for an initial public offering as early as next year, although Chief Executive Officer Tarek Mansour said in June that Kalshi was not considering a 2026 debut. The potential valuation would nearly quadruple the $11 billion level assigned by investors last December and follow Kalshi’s March fundraising at a $22 billion valuation. Sequoia Capital and Wellington Management are discussing whether to co-lead the new round. Venture documentation shows gross margins near 90%, while Kalshi’s annualized revenue run rate reached approximately $4 billion in August. Exchange volume exceeded $40 billion that month, quadrupling over six months, with sports-related contracts including professional football and World Cup events driving participation. Kalshi operates as a designated contract market overseen by the CFTC (U.S. derivatives regulator), giving it nationwide access under federal rules. Rival Polymarket is finalizing a separate round at a $21 billion valuation led by 1798 Capital.