Kalshi's Form D shows $1.12 billion sold since April — and $380 million still unsold

Prediction market operator Kalshi has sold about $1.12 billion of equity since April 3 under an offering of nearly $1.5 billion, according to a Form D the company filed with the Securities and Exchange Commission on Tuesday, first reported by The Block. Roughly $380 million remains available under the same notice.

The number is less clean than it looks. As The Block noted, the $1.12 billion likely includes Kalshi's $1 billion Series F, disclosed in May, led by Coatue at a $22 billion valuation, with Sequoia Capital, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley and Ark Invest participating. In other words, the filing may be documenting money already announced rather than a fresh billion.

A Form D is a notice of an exempt offering. It reports how much has been sold and how much is on offer. It does not report valuation, price per share, or who bought — so it cannot confirm or deny the round that has been circulating in the press since June, when the Financial Times reported Kalshi could close new capital as early as the third quarter. Earlier this month, The Information reported the company was in advanced talks with Sequoia and Wellington Management for $750 million at a $40 billion valuation. Neither figure appears in the filing. The Block said it had contacted Kalshi about both the Form D and the reported round; no response had been published at the time of writing.

On volume, Kalshi reported $40 billion in trading in July, against $12.9 billion for Polymarket and Polymarket US combined in the same month — per The Block, citing the companies' own reporting.

Key facts

• $1.12 billion of equity sold since April 3, out of a nearly $1.5 billion offering; ~$380 million unsold — Kalshi Form D filed Tuesday, Aug. 25, via The Block.
• $1 billion Series F led by Coatue, disclosed May, at a $22 billion valuation — The Block.
• Reported $750 million raise at a $40 billion valuation, in talks with Sequoia and Wellington — The Information, August 2026; FT reported in June a Q3 close was possible.
• July volume: Kalshi $40 billion; Polymarket plus Polymarket US $12.9 billion — self-reported figures, via The Block.

The real-world read

The $40 billion valuation is not in the filing and has not been confirmed by Kalshi. It comes from unnamed sources in two outlets, and it would represent a roughly 80% markup on a $22 billion round from three months earlier. Treat it as reporting, not fact.

The July volume gap is Kalshi's own number about Kalshi's own business, published while it is raising. Prediction-market volume is also not a like-for-like metric across venues — event contracts churn heavily around resolution. Discount accordingly.

One more thing worth naming: The Block's page carried a sponsored Polymarket unit — "Prediction Markets 101" — alongside coverage of Polymarket's chief competitor. That is advertising, not editorial. The Block also discloses that Foresight Ventures is its majority investor.

Opinion, and whose

The only forward-looking claims here belong to others: the FT's sourcing that a round could close in Q3, and The Information's sourcing on the $40 billion figure and the Sequoia/Wellington talks. Kalshi itself has said nothing on the record about either.

Sources

• The Block (Danny Park), Aug. 26, 2026 — reported the Form D contents, the Series F details, the volume comparison, and the outstanding request for comment. Discloses Foresight Ventures as majority investor. Its page also hosted a sponsored Polymarket promotional unit, which is marketing.
• Kalshi Form D, SEC, filed Aug. 25, 2026 — the primary document for the $1.12 billion / $1.5 billion / $380 million figures, as reported by The Block; Cleartext has not independently reviewed the filing.
• Financial Times (June 2026) and The Information (August 2026) — cited secondhand via The Block for the fundraising timeline and the $40 billion valuation talks.

Not financial advice. Nothing here is a recommendation to buy or sell anything.