Kalshi is sounding out investors for fresh funding at a potential $65 billion valuation, according to Bloomberg and Reuters, while developing a platform for compute futures as it expands beyond event contracts. The proposed valuation is more than 60% above the $40 billion valuation reached weeks earlier, according to Bloomberg; Reuters said the company had raised $1 billion late last month in a Sequoia Capital- and Wellington Management-led round, following a $1 billion Coatue-led round just over five months earlier that valued Kalshi at $22 billion. Kalshi's monthly notional trading volume more than doubled from $40 billion in August to nearly $100 billion in October, and the company has reported roughly 90% gross margins and more than $5 billion in annual run-rate revenue. Kalshi and Donald Trump Jr. mutually ended his strategic advisory contract after 1789 Capital, the investment firm he is affiliated with, increased its investment in rival Polymarket and led a $300 million investment in a $1 billion funding round in August. Kalshi said the sides had been discussing the advisory arrangement since that round and that the decision had no political considerations. Trump Jr. joined Kalshi in January 2025 and received company shares valued by the Financial Times at about $300,000. Compute futures are derivatives used to hedge or speculate on future prices for resources including cloud services and GPU capacity. Kalshi's expansion would put it in competition with CME Group and Intercontinental Exchange, while regulators consider potential price manipulation and other issues in the emerging market.