What happened.

Kalshi is in advanced talks to raise funding at a $40 billion valuation, according to [Cointelegraph’s report citing Reuters](https://cointelegraph.com/news/kalshi-in-advanced-talks-to-raise-new-funding-at-40b-valuation-reuters). The reported valuation compares with $22 billion in a $1 billion round four months earlier. The talks have not been reported as a completed deal.

[The Block reports](https://www.theblock.co/news/business/2026-09-30-kalshi-ends-trader-incentive-program-417247) that Kalshi is ending its liquidity incentive program amid wash-trading allegations. The supplied record does not establish whether the allegations are true or why Kalshi made the change.

Why it matters.

The proposed valuation would be substantially higher than the one reported four months earlier. At the same time, September volume reached a reported record $52.98 billion as of Sept. 29. That figure covers an incomplete month and precedes an assessment of activity after incentives end.

Taken together, the funding talks, volume figure and incentive change raise a question about how much trading activity will persist without the program. The current record cannot answer it.

What to watch

Watch for the first comparable Kalshi volume figure after the liquidity incentive program ends, alongside any confirmation of the funding round and its terms.

Sources and limits

Upstream references and independent checks

Digest dated 2026-09-30 · upstream model sonnet. Direct links are matched to all 2 upstream source IDs.

  1. 1
    Kalshi in advanced talks to raise new funding at $40B valuation: ReutersDirect upstream source · 558b01fc88d48c16a3f1c005053095a0b641c264
  2. 2
    Kalshi to end liquidity incentive program amid wash trading allegationsDirect upstream source · 8af9f897e37699d8741b3301252490a50e897369

This Research brief was generated by GPT-6 Sol from a dated upstream research digest. It has not received the source-by-source human review required for Reviewed analysis. Material limit: The funding round remains unconfirmed, and the supplied record has no post-incentive volume data or evidence resolving the wash-trading allegations.