Calci has entered talks to raise new capital at a valuation of about $40 billion, an 82% jump from the $22 billion valuation it received less than two months ago.
summary
- Calci is reportedly seeking $40 billion in new financing, an 82% increase from May.
- The company has processed more than $17 billion in monthly trading volume and recently expanded its range of perpetual cryptocurrencies.
- Legal disputes with CME Group and several US states continue as Kalshi grows its product portfolio.
According to the Financial Times a report Citing people familiar with the discussions, Calci is seeking a new financing round that could value the prediction market operator at about $40 billion, with the financing potentially closing as early as the third quarter.
The proposed valuation would represent another sharp increase for the company, which was valued at $22 billion during a $1 billion financing round completed in May. Earlier in 2025, Calci carried a valuation of around $5 billion, while in December its valuation stood at $11 billion before doubling in the recent raise.
Investors in the previous financing included Kuato, Sequoia Capital, Andreessen Horowitz, and Morgan Stanley. If completed, the new round will push Calci’s valuation to eight times the level recorded at the beginning of the year.
Trading growth has supported investor interest
The Financial Times reported that Calcci’s rapid expansion was driven by increased activity across prediction markets related to sports, politics, financial markets, and entertainment.
Company figures show that Calci processed more than $17 billion in trading volume last month, up from less than $5 billion during the same period a year earlier. During its fundraising announcement in May, the company said annual turnover was up It came to $178 One billion dollars, more than three times the level recorded six months ago.
Sports-related contracts remain the largest category on the platform, accounting for about 65% of total volume, according to company data. Multi-outcome block contracts introduced last year have also become one of Calci’s fastest growing products.
Recent product launches have expanded the company’s reach beyond the event markets. Earlier on June 24, Calc Expanded CFTC-regulated permanent cryptocurrency futures lineup with the addition of contracts tied to Zcash, Near Protocol, and Shiba Inu. These additions increase the number of supported digital assets to 13, with contracts operating without expiration dates under a CFTC-approved structure.
Legal disputes continue across multiple fronts
While it seeks new funding, Calci remains involved in several legal and regulatory battles related to its products.
A dispute recently arose after the company launched cryptocurrency futures following approval by the Commodity Futures Trading Commission (CFTC). CME set later File a lawsuit against The regulator, arguing that the products should be classified as swaps and subjected to a different regulatory review process.
Elsewhere, challenges continue at the state level goal Decades happened like nothing. The state of Arizona filed criminal charges against the company in March, alleging it operated without a gambling license and offered prohibited election-related contracts.
Separately, Massachusetts Judge commander Calci stops offering sports-related contracts in the state unless it obtains a local gaming license.
Calci objected to those actions and asserted that its event contracts fell within the exclusive jurisdiction of the Federal Derivatives Regulatory Authority. As the company seeks another major financing round, ongoing litigation is unfolding alongside its entry into new markets and the rapid growth of its business.
