Prediction market platform Kalshi has raised $1.12 billion under an ongoing $1.5 billion equity offering initiated earlier this year, according to a Form D filing submitted to the US Securities and Exchange Commission on Tuesday, August 25, 2026. The regulatory disclosure reveals that 71 accredited investors have participated in the sale since its first closing on April 3, leaving approximately $380 million remaining to be allocated under the total offering cap.
Kalshi executed the equity issuance under Rule 506(b) of Regulation D, a regulatory exemption allowing private companies to raise capital without conducting a formal public SEC registration. While the company previously announced a $1 billion Series F financing round in early May at a reported $22 billion valuation, the SEC filing does not explicitly specify whether the reported numbers directly represent the Series F allocation or a broader equity restructuring effort.
The multi-billion-dollar capital injection arrives as Kalshi encounters heightened state-level legal opposition regarding its derivative and event contract listings. In mid-August, a Washington state judge issued an order requiring the platform to halt the sale of a broad array of event contracts within the jurisdiction. The court dismissed Kalshi’s legal argument that federal regulatory oversight under the Commodity Futures Trading Commission preempts state-level gambling enforcement, marking a pivotal friction point between federally regulated prediction markets and state gaming authorities.
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