Kalshi seeks 750 million dollars at 40 billion dollar valuation

Kalshi is negotiating to raise at least 750 million dollars in new funding at a valuation of around 40 billion dollars. Sequoia Capital and Wellington Management are in discussions to become co-leading investors in this round, with Wellington potentially making its first investment in Kalshi. This new valuation nearly doubles Kalshi's previous valuation of 22 billion dollars from May. The platform is also preparing for a potential IPO, having previously discussed raising capital at the same 40 billion dollar valuation. Negotiations with several investment banks regarding the IPO were at preliminary and unofficial stages, with discussions about possible partnerships with banks and offering products to institutional clients. However, Kalshi faces legal and reputational challenges, as FlightAware has filed a lawsuit against the platform for allegedly using its trademark and data for prediction markets, claiming it could harm its reputation. Additionally, Spotify has demanded that Kalshi remove its logos and clarify that there is no partnership between the companies, following discovered manipulations of music charts that could have affected betting outcomes on the platform.

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