Prediction market platform Kalshi has raised approximately $1.12 billion through a private stock offering, according to a Form D filing published by the U.S. Securities and Exchange Commission. The offering, which began on April 3, 2026, is targeting nearly $1.5 billion, leaving about $380 million still available. A total of 71 investors have participated so far.
The filing shows Kalshi sold $1,120,010,122 in equity from a planned $1,499,997,894 offering. CEO Tarek Mansour signed the filing under the Rule 506(b) exemption. Directors listed include Luana Lopes Lara, Alfred Lin, Michael Seibel, and Matt Huang. No sales commissions or finder's fees were reported, and no minimum investment amount was set for outside investors.
The raise follows Kalshi’s $1 billion Series F round completed in May 2026, led by Coatue with participation from Sequoia Capital and Andreessen Horowitz. That round valued the company at $22 billion. Reports subsequently indicated Kalshi was discussing another $750 million raise at a valuation near $40 billion.
Kalshi’s growth metrics underline investor interest. Annualized trading volume reached about $178 billion by April 2026, up from roughly $5 billion a year earlier. Institutional trading volume rose 800% during the six months into April, with sports contracts driving much of the increase. Kalshi says it controls between 90% and 95% of the U.S. prediction market and generates more than $2 billion in annualized revenue.
As a CFTC-regulated designated contract market, Kalshi allows users to trade contracts tied to elections, economic data, sports, and other real-world events. Co-founders Tarek Mansour and Luana Lopes Lara are reportedly considering an IPO as early as 2027, although no formal public offering has been announced.
