Kalshi seeks $40B valuation in reported Sequoia and Wellington talks

Kalshi is in reported talks to raise more than $750 million at a $40 billion valuation, with Sequoia Capital and Wellington Management discussing roles as co-leads. The reported Kalshi $40B valuation would place a fresh marker on the prediction-market company’s private financing, but no deal has been announced and the terms remain unsettled.

The Information reported the discussions, according to a Techmeme post and other reports in the research record. Techmeme said the company was in advanced talks for a round of at least $750 million. Tech Funding News, also citing The Information, said the round’s size had not been finalized. Neither Kalshi nor the prospective investors are quoted confirming a commitment.

The distinction is material. A $40 billion figure is the valuation Kalshi is seeking in negotiations, rather than an established valuation from a completed financing. The available reporting does not say whether that figure is pre-money or post-money, a difference that affects ownership and dilution in a priced round. Readers can review how pre-money and post-money valuation affect the cap-table math.

How does Kalshi’s proposed $40B valuation compare with May?

Kalshi was reportedly valued at $22 billion in May 2026 after a $1 billion Series F financing, according to Tech Funding News. A move from $22 billion to $40 billion would be an increase of about 82%, calculated as $18 billion divided by $22 billion. That comparison depends on the new round closing at the reported target and on the valuations being measured on the same basis, neither of which the available reports establish.

Sequoia’s involvement would extend its reported relationship with the company from the May round. Wellington’s potential participation would add another prospective investor to the syndicate. Wellington describes itself as a privately held asset manager whose private-investing capabilities include venture capital and private debt.

Kalshi operates a market for contracts tied to real-world outcomes, such as policy decisions and sports results. The reported financing comes while the company’s model faces questions beyond conventional startup metrics: Tech Funding News reported that states have challenged its sports contracts. Those disputes are separate from the fundraising discussions, and the available material does not establish their effect on the proposed terms.

For now, the report is a signal of investor interest rather than a finished transaction. The round amount, final valuation, allocation among investors and closing date have not been disclosed.

This story draws on original reporting from TechFundingNews.