Prediction market operator Kalshi has sold $1.12 billion of its $1.5 billion equity offering, according to a Form D filing with the U.S. Securities and Exchange Commission.
The filing, submitted on Tuesday, lists 71 investors and confirms the offering began on April 3, with $380 million remaining unsubscribed. The securities are classified as equity, and Kalshi is relying on Rule 506(b) of Regulation D, which permits private placements without SEC registration under specific conditions.
Kalshi announced a $1 billion Series F funding round in early May at a $22 billion valuation, though the Form D does not specify whether the current offering corresponds to that round. The company has not responded to requests for clarification.
The filing follows legal challenges against Kalshi’s operations. In mid-August, a Washington state judge ordered the platform to halt its event contracts in the state, rejecting Kalshi’s argument that federal law preempts state gambling regulations. Separately, the New York City Council announced an investigation into alleged predatory marketing practices in prediction markets.
