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Kalshi Seeks New Funding at $65 Billion Valuation Weeks After $40 Billion Round

The prediction market wants money to build a compute futures platform, while federal regulators hold back the first contracts of that kind over manipulation concerns.

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Francis Gable

13/11/26 · 2 minNovember 13, 2026 · 2 min read

Kalshi is in talks to raise new money at a $65 billion valuation, Bloomberg News reported on Nov. 12, two weeks after the prediction market closed a round at $40 billion.

The new price would be about 62% above the October mark and almost six times the $11 billion investors paid in December 2025. Bloomberg tied the jump to trading. Monthly volume, the total value of contracts customers trade, rose from $40 billion in August to nearly $100 billion in October.

Bloomberg also estimated Kalshi's revenue at an annual pace of more than $5 billion, with a gross margin of about 90%. Markets outside sports alone bring in more than $1 billion a year at that pace, the report said.

Kalshi Wants Money for Compute Futures

A person familiar with the talks told Reuters the money would fund a new platform for compute futures. These contracts let companies lock in, or bet on, the future price of renting the chips that run artificial intelligence. Reuters said Kalshi could not immediately be reached for comment.

The October round raised $1 billion and was co-led by Sequoia and Wellington. Bloomberg reported it was expected to be Kalshi's last private raise before a stock market listing. FairGambling covered that $40 billion round when it closed on Oct. 29.

Regulators Hold Back the First Compute Contracts

Kalshi's new product depends on the Commodity Futures Trading Commission (CFTC). In early November, the agency extended its review of CME Group's futures on Nvidia chip rental prices to Jan. 8, 2027, citing liquidity and manipulation concerns, according to multiple reports.

Kalshi had already asked the CFTC to let it relist its own AI compute markets in October. The CFTC has also warned Kalshi it could face charges over how it filed dozens of new contracts.

CME agreed to the longer review on one condition, according to reports on the extension: no other exchange can list similar contracts while it runs. That puts the Jan. 8 deadline between Kalshi and the market its new money is meant to build.

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