According to the Financial Times, prediction market platform Kalshi is in talks to raise a new funding round at a valuation of approximately $40 billion, with the deal potentially closing as early as the third quarter of 2026. Kalshi raised $1 billion last month at a $22 billion valuation, with participation from Coatue, Sequoia Capital, Andreessen Horowitz, and Morgan Stanley. The platform recorded more than $17 billion in trading volume last month, up from less than $5 billion a year earlier, with sports-related contracts accounting for roughly 65% of total volume.