Prediction-market operator Kalshi has sold $1.12 billion in equity since April 3, according to a Form D filed with the SEC on Tuesday. The cumulative tally arrives as the company courts fresh capital at a far richer price.
Total offering amount in the filing: roughly $1.5 billion. About $380 million remains unsold under the same notice. That headroom is worth watching. Earlier in August, Kalshi was reportedly in advanced talks with Sequoia Capital and Wellington Management for a new $750 million round at a $40 billion valuation, per The Information. Whether the $380 million residue and the $750 million target are the same dollars, the filing does not say.
Some or all of the $1.12 billion may trace back to Kalshi’s $1 billion Series F, disclosed May 7 and led by Coatue. That round pegged the firm at $22 billion. Sequoia Capital, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley and Ark Invest all participated. If the Series F accounts for most of the $1.12 billion, the new money stacked on top is modest, closer to $120 million, and the $40 billion valuation talks describe a separate raise still in play. The Block, which reviewed the filing, did not break the two apart.
In June the Financial Times reported Kalshi could close a new round as early as the third quarter. Tuesday’s Form D fits that timeline. It is not proof of it.
Volume underwrites the pitch. Kalshi posted $40 billion in trading volume in July. Competitor Polymarket and Polymarket US combined for $12.9 billion that same month, per figures cited by The Block. Kalshi’s single-platform total ran more than three times the Polymarket pair.
The capital push runs alongside legal friction. Kalshi has been fighting state-level and federal battles over its markets. The Block reached out to Kalshi for comment. None was provided in the article.
A Form D signals intent to sell private securities. It does not name buyers. It does not close a round. Until Kalshi or an investor confirms the $750 million, the $40 billion valuation stays a reported target, not a filed fact. The filing tells investors how much room is left. It does not tell them who walks in next.
