Kalshi is in discussions to raise capital at a valuation of $65B, people familiar with the matter told Bloomberg News.

The $1B funding round in October was expected to be the last by the prediction market platform before its anticipated IPO. However, Kalshi decided to raise capital again in the private markets, said one of the sources, who asked not to be named discussing private negotiations.

The higher valuation target reflects rapid operational momentum, with monthly notional trading volume more than doubling from $40 billion in August to nearly $100 billion in October. Founded in 2018, Kalshi has captured the lead in the prediction market sector, driven largely by sports betting over the past year, while generating roughly 90% gross margins and surpassing $5 billion in annual run-rate revenue.

Alongside its fundraising efforts, Kalshi moved to streamline its governance on Thursday by cutting ties with adviser Donald Trump Jr. A company spokesperson told Bloomberg that the parties mutually agreed to end the role, which began just prior to President Donald Trump’s second inauguration, following a significant summer investment in chief rival Polymarket by Trump Jr.’s firm, 1789 Capital.