Kalshi in Talks for $750M Round at $40B Valuation

The valuation jump signals that private capital is pricing prediction markets on growth and market-share potential rather than on the unresolved legal question of whether event contracts are gambling or regulated derivatives. That split matters most for Kalshi's competitive position against rival platforms and for state regulators weighing similar suits. The open question is whether the funding closes on these terms while litigation proceeds, and whether other states follow Baltimore's approach.