Kalshi in funding talks at $65 billion valuation for compute futures push

Kalshi is discussing a capital raise that would value the company at $65 billion to develop a platform for compute futures trading, a person familiar with the matter said on November 12. The talks follow its announcement days earlier that its previous funding round had closed.

The company secured $1 billion in October in a round jointly led by Sequoia and Wellington. That financing followed, by just over five months, another $1 billion raise led by Coatue that valued Kalshi at $22 billion. Kalshi was not immediately available for comment on the latest discussions.

The proposed platform is part of Kalshi's effort to broaden its business beyond event contracts and compete with established exchanges, including CME Group and Intercontinental Exchange, the parent of the New York Stock Exchange.

Compute futures let traders take positions on future computing costs, including cloud services and GPU capacity. Companies can use the contracts to manage price swings and secure processing capacity. CME Group previously said it was working with Silicon Data on a launch later in the year, subject to regulatory review.

Media reports said the Commodity Futures Trading Commission had delayed approval of futures linked to GPU rental prices while it prepares to consult benchmark providers about price-manipulation concerns.