Kalshi's SEC Form D shows $1.12B raised from 71 investors since April under a $1.5B offering, with a reported $750M round at a $40B valuation possibly closing this quarter.
Prediction market platform Kalshi has raised $1.12 billion through a private equity offering that began on April 3, according to a Form D filed Aug. 25 with the US Securities and Exchange Commission (SEC). The offering has a total size of nearly $1.5 billion, leaving roughly $380 million still available under the same notice.
The filing lists 71 investors and classifies the securities as equity. Kalshi is raising under Rule 506(b) of Regulation D, an exemption that lets private companies sell securities without registering them with the SEC, subject to specific conditions. A company spokesperson confirmed to Cointelegraph that the filing relates to its Series F funding round closed at a $22 billion valuation, without providing further detail.
From a $22B Series F to a Reported $40B Round
Kalshi publicly announced the Series F in May 2026. Coatue led the round, with Sequoia Capital, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley, and Ark Invest also participating. The $1.12 billion reflected in the Form D likely includes proceeds from that raise.
Since then, separate reports have indicated the company is seeking another round at a substantially higher valuation.
The Financial Times reported in June 2026 that Kalshi could close a new funding round as early as Q3 2026. The Information reported earlier in August 2026 that the company was in advanced talks with Sequoia Capital and Wellington Management for a $750 million raise at a $40 billion valuation, which would nearly double the figure set during the Series F. Kalshi did not comment on those reports.
Related Article: Kalshi Files for Perpetual Futures on US Stock Index and Copper
Washington State Moves To Restrict Kalshi
The fundraising disclosures come as the company faces active legal pressure at the state level. In mid-August 2026, a Washington state judge ordered Kalshi to halt a wide range of event contract offerings in the state. The court rejected the company's argument that federal law overrides Washington's gambling regulations.
Kalshi recorded $40 billion in trading volume in July 2026. Competitor Polymarket and its US platform combined reported $12.9 billion in monthly volume during the same period. The company did not provide further comment on the Form D filing or on the reported new funding round.
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