Kalshi in Talks to Raise Funds at $65 Billion Valuation for Compute Futures Platform

Prediction-market operator Kalshi is in talks to raise fresh capital at a $65 billion valuation to build a platform for trading compute futures, a source familiar with the matter told Reuters on Thursday. The reported valuation would nearly triple the $22 billion price tag from a Coatue-led round just over five months ago.

Kalshi could not immediately be reached for comment.

Recent funding and expansion

The company closed a $1 billion round in late October, co-led by Sequoia and Wellington, amid efforts to expand beyond event contracts and compete more directly with traditional exchanges. That round came just over five months after the Coatue-led investment that valued Kalshi at $22 billion.

Compute futures and competition

Compute futures are financial contracts allowing traders to hedge or speculate on the future prices of computing resources such as cloud and GPU capacity. The derivatives are intended to help companies manage price volatility and lock in future processing power.

The move would put Kalshi in competition with established exchanges. CME Group said earlier this year it was partnering with Silicon Data to launch compute futures later this year, pending regulatory review. Intercontinental Exchange was also reported to be pursuing similar products.

CFTC Chairman Michael Selig said earlier this year, "America cannot win the AI race without a robust derivatives market for compute," while calling for industry comments on such products.

Regulatory status

Reports earlier in the week said the CFTC has postponed approval of futures contracts tied to the rental price of graphics processing units. The regulator plans to consult benchmark providers on price-manipulation concerns in what it considers a nascent asset class.

The $65 billion figure comes from fundraising talks, not a completed transaction.