The prediction market was valued at $22 billion in a $1 billion funding round just four months ago, after doubling its valuation from December.

Prediction market platform Kalshi is reportedly now in “advanced talks” to raise approximately $1 billion in a new funding round at a valuation of $40 billion.

Existing investor Sequoia Capital and Wellington Management are in talks to lead the round, which could include Tiger Global Management and Dragoneer Investment Group, people familiar with the matter told Reuters.

It comes after Kalshi closed a $1 billion Series F round in May at a $22 billion valuation, doubling its valuation from December.

Reports that Kalshi was seeking funding at a $40 billion valuation first emerged in June.

The Financial Times reported on June 24 that the company was in talks to raise funds at a $40 billion valuation and could close it as soon as the third quarter of this year.

Cointelegraph reached out to Kalshi, Sequoia Capital, Wellington Management, Tiger Global Management and Dragoneer Investment Group for comment but did not receive an immediate response.

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