Calcium seeks $40bn valuation weeks after $1bn raise: FT

Prediction market Calchi is in talks to raise new funds at a valuation of around $40 billion Financial Times It has been reported, the round could close as soon as the third quarter. This would nearly double the $22 billion valuation that Calci reached just last month, when it was done Raised $1 billion Backers include Sequoia Capital, Andreessen Horowitz, Coato and Morgan Stanley.

The jump culminates in a dizzying climb into Everything That Was Its value is about $5 billion In October 2025 and 11 billion dollars By December.

A general list may follow. CEO Tariq Mansour He said CNBC On Wednesday, Calci said he was “basically considering” an IPO, but not this year. “A company in our financial position with the growth rate we’re seeing, this kind of conversation needs to happen,” he said. Information It stated that a listing is unlikely to occur before late 2027 or 2028.

Calci has grown tremendously, claiming to have achieved an annual trading volume of $178 billion by April 2026, an increase of 32 times year-on-year. But the platform is also caught up in an escalating legal battle between state and federal authorities over who has the right to regulate prediction markets.

Last week, derivatives giant CME File a lawsuit against the CFTC Above it consent One of Kalshi’s “perpetual” futures contracts is contracts that allow traders to bet on cryptocurrency prices and compete directly with CME’s own products. Calci maintains that its event contracts are swaps subject to the exclusive jurisdiction of the Commodity Futures Trading Commission (CFTC), a reading of the Trump-appointed agency’s shares.

States look at it differently, portraying sports markets as unlicensed gambling. Arizona File criminal charges In March, Massachusetts Judge Forbidden Calshi sports markets in January, and Nevada has Extended the ban on prediction markets. Kentucky this month File a lawsuit against Calcio and rival platform Polymarket are accused of running illegal sports bookings.

The Commodity Futures Trading Commission (CFTC) fired on Tuesday, Sue Kentucky To prevent its implementation, this is the ninth state that has brought it to court and the first led by a Republican Attorney General. Trump did Named Federal authority over markets is “critically important,” and his son, Donald Trump Jr., is an adviser to both everything and Polymarket.

The result is far from settled. Recently a federal judge in Michigan to rule Sports prediction markets are not swaps, said Gary Gensler, former head of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). Provide a summary He argues with himself. with Multiple states are in active litigation As conflicting rulings pile up, the question of who regulates prediction markets appears binding on the Supreme Court.

For potential investors in Calci, a lot depends on the answer. Kentucky Allegedly That 89% of the platform’s volume for 2025 came from sports, the same contracts that countries are trying to ban. According to footAlmost two-thirds of bets on Calcci lose money.