TLDR
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Kalshi has raised about $1.12 billion through a private equity offering that began on April 3, 2026.
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The company is targeting nearly $1.5 billion, leaving about $380 million still available under the offering.
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A total of 71 investors have participated, according to the latest Form D filing.
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The raise follows Kalshi’s $1 billion Series F completed in May at a $22 billion valuation.
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Kalshi’s annualized trading volume reached about $178 billion by April 2026, up sharply from roughly $5 billion a year earlier.
Kalshi has already raised about $1.12 billion through a private equity offering that began on April 3, 2026, according to a Form D filing the SEC published this week. The disclosure gives a clearer view of the prediction market company’s latest fundraising push as it continues to expand in the United States.
The filing shows Kalshi is seeking nearly $1.5 billion in total through the offering. About $380 million remains available, while 71 investors have participated to date.
Kalshi Private Offering Nears $1.5 Billion Target
The Form D notice shows Kalshi sold $1,120,010,122 in equity from a planned $1,499,997,894 offering. CEO Tarek Mansour signed the filing and used the Rule 506(b) exemption.
- SEC Form D Filing
The notice also lists directors Luana Lopes Lara, Alfred Lin, Michael Seibel, and Matt Huang. Kalshi reported no sales commissions or finder’s fees and did not set a minimum investment amount for outside investors.
The private offering comes alongside a separate $1 billion Series F round completed in May 2026. Coatue led that funding, while Sequoia Capital and Andreessen Horowitz also took part. The round valued Kalshi at $22 billion.
Reports later said the company was discussing another $750 million raise at a valuation near $40 billion. The current Form D offering began before those reports emerged, although the filing does not state the valuation tied to the shares sold.
IPO Plans Remain on the Radar
Kalshi has also reported rapid growth in activity. Its annualized trading volume reached about $178 billion by April 2026, compared with roughly $5 billion one year earlier.
Institutional trading volume increased 800% during the six months leading into April, with sports contracts driving much of that growth. The company says it controls between 90% and 95% of the US prediction market and generates more than $2 billion in annualized revenue.
Kalshi operates as a CFTC-regulated designated contract market. Users can trade contracts tied to elections, economic data, sports, and other real-world events, with each contract settling based on whether a stated outcome occurs.
The company has continued raising capital while expanding its products and regulatory presence. Reports indicate co-founders Tarek Mansour and Luana Lopes Lara are considering an IPO as early as 2027, although Kalshi has not announced a formal public offering.
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