Kalshi’s $1.5B equity offering is three-quarters sold at $1.12B
The Form D lists 71 investors and says Kalshi is relying on an exemption that allows certain private offerings without SEC registration.
Kalshi's $1.5 billion equity offering has reached 75% completion, according to a recent filing with the US Securities and Exchange Commission (SEC). The company, a prediction market operator, disclosed that $1.12 billion of the offering has been sold so far. The Form D, filed on Tuesday, lists 71 investors and notes the first sale date as April 3.
There remains $380 million to be sold under the offering. The securities involved are identified as equity, and Kalshi is utilizing Rule 506(b) of Regulation D, an exemption permitting companies to sell securities without SEC registration, provided certain conditions are met. In May, Kalshi announced a $1 billion Series F funding round, which had a valuation of $22 billion.
However, it is unclear if the reported offering is the Series F. The disclosure coincides with legal challenges faced by Kalshi from US states, with a Washington state judge recently ordering the platform to halt event contract offerings in the state, overturning Kalshi's argument that federal law supersedes state gambling laws.
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