Prediction market platform Kalshi is reportedly now in 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.