Kalshi is in advanced talks to raise about $1 billion in new funding at a valuation of roughly $40 billion, with Tiger Global Management and Dragoneer Investment Group among the investors in discussions, Reuters reported Tuesday, citing people familiar with the matter.

The round could be finalized in the coming weeks, according to the report. Sequoia Capital, already a Kalshi investor, is in talks to lead it alongside Wellington Management, Reuters reported.

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From $22 Billion in May

A deal at that price would nearly double Kalshi’s valuation in about five months. The company announced a $1 billion Series F at a $22 billion valuation on May 7, led by Coatue and joined by Sequoia, Andreessen Horowitz and others.

It was reported in June that Kalshi was in talks at about $40 billion and in August The Information reported Sequoia and Wellington’s talks to lead the round.

In May, Kalshi said its annualized trading volume had more than tripled in six months to $178 billion, and that it handled over 90% of U.S. prediction market activity.

“There are few categories in recent history that have scaled this quickly outside of AI,” co-founder and CEO Tarek Mansour said in the May announcement.

Beyond Event Contracts

Kalshi is pushing to become a venue for trading many asset classes, which puts it closer to exchange operators such as CME Group and Intercontinental Exchange (ICE), Reuters reported. It has also gained market share on Polymarket over the past year, the report said, pointing to Dune Analytics data. Polymarket, backed by ICE, is also reportedly in talks to raise $1 billion.

The report comes a week after The Wall Street Journal said the CFTC was reviewing trading in Kalshi’s ether perpetual futures before deciding whether to open an enforcement case. Kalshi has denied wash trading.

Mansour said in June that Kalshi was weighing a public listing but would not go public before 2027. The company has held early discussions about a potential IPO in the coming years, Reuters reported.

Related Listen: CME vs. Kalshi. Is Washington Picking a Winner in Prediction Markets?