Kalshi in talks to raise funds at $40B valuation Prediction market @Kalshi is reportedly in talks for a raise at around $40B - nearly double the $22B it hit just seven weeks ago, per the Financial Times, with the round potentially closing in Q3. That's about 8x its value from early 2025, and it's happening while the rest of crypto pulls back hard - Bitcoin is down roughly a third year-to-date. The fuel is real usage - $2B in annualized revenue, supercharged by the World Cup, which drove a record $5.1B in volume in its first week alone. Sports betting accounts for an estimated 90% of Kalshi's revenue, and 12+ US states are now suing, alleging it operates unlicensed sportsbooks. Kalshi argues it's a federally regulated exchange under exclusive CFTC jurisdiction - a fight widely expected to reach the Supreme Court. The $40B question is really two: how big can prediction markets get, and will regulators let them.