Kalshi has sold roughly $1.12 billion of equity since April, a U.S. securities filing shows, leaving about $380 million available under a nearly $1.5 billion offering. The SEC Form D filed Aug. 25 reveals the prediction-market operator has raised $1.12 billion through equity sales since April, while listing the total offering at about $1.5 billion and roughly $380 million still unsold. The filing does not itemize which financings make up the amount already sold; Form D simply reports offerings that rely on exemptions from full SEC registration. Where the money came from - The $1.12 billion likely includes Kalshi’s previously disclosed $1 billion Series F in May, sources said. That round was led by Coatue and included participation from Sequoia Capital, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley and ARK Invest, valuing Kalshi at $22 billion. - The Series F doubled the company’s valuation from about $11 billion just months earlier. Earlier fundraising rounds had previously valued Kalshi at roughly $5 billion after a $300 million raise. Rapid growth in trading and revenue - Kalshi has posted dramatic growth in activity: annualized trading volume jumped from $52 billion to $178 billion over six months, and institutional trading volume rose about 800% in the same window. The company reported more than two million monthly users and an annualized revenue run rate of about $1.5 billion around the time of the Series F. - Trading volume continued to climb through the summer: monthly volume was about $16.8 billion in May (up from $14.8 billion in April) and reportedly reached roughly $40 billion in July. For context, rival Polymarket’s combined volumes were far lower over comparable months. - By July, reporting suggested Kalshi’s annualized revenue run rate had topped $4 billion, with spikes tied to major sporting events such as the FIFA World Cup and NBA Finals. Product expansion: crypto perpetuals and sports-driven volumes - Kalshi has expanded beyond event prediction contracts into regulated perpetual futures, launching U.S. Bitcoin perpetuals and adding Ethereum contracts, with filings for XRP, Solana, Dogecoin, Hyperliquid and other assets. Within about two weeks of launch, perpetual futures volume exceeded $5.5 billion. - Sports-related contracts have become a dominant source of activity; company figures cited at industry events placed sports at roughly 85–90% of trading volume. Ongoing fundraising chatter and IPO prep - Despite the recent round, investor talks have continued. The Financial Times reported in June that Kalshi was seeking fresh funding at a roughly $40 billion valuation, potentially closing as early as Q3 2026. The Information later said Kalshi was in advanced talks to raise at least $750 million at that $40 billion valuation, with Sequoia and Wellington Management reportedly discussing co-leading. - The Aug. 25 Form D does not confirm whether any future raises — including the $750 million reported by The Information — are part of the nearly $1.5 billion offering, nor does it identify prospective investors or state whether the remaining $380 million will be sold. - Kalshi has also held informal IPO discussions with banks, though it has not committed to a timeline. Reports indicated an annualized revenue run rate north of $2 billion during those early IPO conversations. Regulatory friction - Kalshi operates as a designated contract market regulated by the Commodity Futures Trading Commission (CFTC), an arrangement that allows it to offer event contracts under federal derivatives rules. - That federal designation has not ended friction with state authorities. Several states contend that sports-linked markets are subject to local gambling laws; those disputes have led to lawsuits in states including Illinois and New York as Kalshi defends its CFTC-based authority while continuing to expand its derivatives and prediction-market offerings. Bottom line Kalshi’s Aug. 25 Form D confirms about $1.12 billion raised since April and a remaining ~$380 million available under a nearly $1.5 billion offering, while the company is riding surging trading volumes, expanding into crypto perpetuals, and continuing high-level fundraising and IPO discussions amid mounting state-level legal challenges. Read more AI-generated news on: undefined/news