Kalshi Targets $65 Billion Valuation as Regulatory Clash Intensifies

Kalshi is reportedly considering another funding round that could place its valuation at $65 billion, according to Bloomberg reporting cited by Cointribune. The discussions come only about one month after the American predictive-markets company raised $1 billion at a $40 billion valuation, indicating a sharp increase in the valuation under consideration rather than a completed transaction. The proposed financing arrives while Kalshi remains involved in regulatory battles. Cointribune says its IPO is not expected before 2027, leaving the company several years to resolve questions affecting its operating model and public-market prospects. TronWeekly provides more detail on one legal front, reporting that federal regulators are challenging Kalshi’s Arkansas operations. That case places renewed attention on whether prediction markets fall within federal commodities law or are instead subject to state gambling rules. Cointribune does not describe the Arkansas challenge in its summary, while TronWeekly does not mention the proposed $65 billion valuation or the recent funding figures. Together, the two accounts portray a tension between rapid institutional growth and unresolved legal oversight. The valuation figure is tied to active funding discussions and should not be treated as a finalized outcome. Meanwhile, the Arkansas dispute could help determine which regulatory framework applies to Kalshi’s markets and activities. The broader crypto market provides a subdued backdrop. Total capitalization stands at $2.34 trillion, the overall market is broadly lower, Bitcoin is down 2.59% over 24 hours, and the Fear & Greed index is at 13, labelled Extreme Fear. JUST is $0.146082, up 0.04% over 24 hours and 2.78% over seven days, with a $1.17 billion market capitalization. Key developments to monitor include completion of the funding round, the Arkansas legal challenge and any further clarity on the regulatory classification of prediction markets.