Kalshi seeks $40B valuation funding, Sequoia and Wellington in talks to lead

Prediction market leader Kalshi is seeking at least $750 million in new funding at a $40 billion valuation, with Sequoia Capital and Wellington Management in talks to co-lead the round. Just about three months after completing a $1 billion funding round at a $22 billion valuation in May this year, the valuation has nearly doubled. July annualized revenue surpassed $4 billion, and the World Cup effect drove traffic surges, together forming the supporting logic for this round's high valuation.