Kalshi is currently negotiating to raise funds at a valuation estimated at around $40 billion, nearly doubling the amount investors paid for the prediction market operator just last month.

According to the Financial Times, which cited sources familiar with the negotiations, the company may finalize this funding round as early as the third quarter.

Kalshi has opted not to comment on these discussions, which follow closely on the heels of a $1 billion round raised at a valuation of $22 billion, supported by firms such as Coatue, Sequoia Capital, Andreessen Horowitz, and Morgan Stanley.

In just one year this ambitious valuation underscores a remarkable ascent for Kalshi, which saw its worth rise from around $5 billion earlier last year to $11 billion in December. Following the funding round in May, the company’s valuation reached $22 billion, according to the Financial Times. If the negotiations conclude near the proposed $40 billion mark, it would represent a staggering increase in a matter of weeks.