Kalshi is reportedly in advanced discussions with Sequoia Capital and Wellington Management to raise at least $750M at a $40B valuation, nearly doubling its May valuation.

Sequoia is already an existing investor, while the round would mark Wellington’s first investment in Kalshi as the prediction-market platform eyes a potential 2027 IPO.

Kalshi raised $1B at a $22B valuation in May and has since seen rapid growth, with annualized revenue reportedly reaching $4B in July, driven largely by sports contracts and 2026 World Cup betting.

The new round could exceed $750M, with Sequoia and Wellington potentially leading the investment. Kalshi now reportedly holds around 95% of the U.S. prediction-market share, while rival Polymarket is targeting a $20B valuation. The discussions remain ongoing and terms could still change.