Prediction market operator Kalshi is receiving investor offers valuing the company at more than $10 billion, according to a Bloomberg report.
That valuation would make Kalshi one of the largest prospective valuations yet for a regulated event-trading platform.
The offers come just weeks after Kalshi closed a $300 million round co-led by Andreessen Horowitz and Sequoia Capital, which pegged the New York-based startup at around $5 billion.
Founded in 2018, Kalshi lets users trade contracts tied to real-world outcomes — from U.S. elections and economic data to sports contests and government shutdown durations.
The company operates under a Commodity Futures Trading Commission (CFTC) license, distinguishing it from crypto-native venues such as Polymarket, a major rival. After a court victory in October 2024 allowed Kalshi to list presidential-election contracts, trading volumes surged to new highs.
Chief executive Tarek Mansour said this month the exchange has reached an annualized volume of $50 billion.