Kalshi Valuation Could Nearly Double to $40B: What Would Justify It？
Kalshi is in advanced talks to raise about $1 billion at a valuation near $40 billion, according to Reuters, nearly double its price valuation from May. Kalshi, a US exchange for trading real-world event outcomes, would gain about $18 billion in value since May, a jump of roughly 82%. What the Kalshi Valuation Implies for Revenue Tiger Global and Dragoneer Investment Group are among the reported investors. Sequoia Capital and Wellington Management are in talks to lead the round. Sacra, a private markets research firm, estimates Kalshi hit $3.5 billion in annualized revenue in June. That compares with $735 million in 2025. At $40 billion, the estimate implies a multiple of roughly 11 times revenue. Kalshis own May disclosure was more modest, putting annualized revenue above $1.5 billion. Kalshis growth has been outpacing it close rival Polymarket. Image Source: Sacra Sacra calculates that sportsbook operator DraftKings trades at about 2.1 times revenue. Sports contracts, however, make up roughly 80% of Kalshis volume. Matching the DraftKings multiple at $40 billion would require about $19 billion in annual revenue. That is more than five times Sacras June estimate. Investors appear to be pricing a different business. Reuters reports Kalshi wants to become a multi-asset trading platform. That would pit it against
