Private Markets: Prediction market platform Kalshi secures $300M

Kalshi, the prediction market platform, has raised a $300M Series D funding round. 

This week’s private company news:

• Revolut has announced the completion of a share sale, valuing the company at $75B. The transaction was led by Coatue, Greenoaks, Dragoneer, Fidelity Management & Research Company, with participation from a broad group of investors including Andreessen Horowitz, Franklin Templeton, and T. Rowe Price Associates. This sale also included investment from NVentures — Nvidia’s (NVDA) venture capital arm, deepening Revolut’s collaboration with the global technology leader in key areas including AI. Current employees were given the opportunity to sell as part of this transaction. Revolut has now enabled five share sales for its employees to date, a testament to its long-standing commitment to sharing success by running one of the most liquid employee share programmes across private companies in the industry.

Some of the biggest capital raises by private companies this week include: 

• Kraken – The crypto exchange company raised $800M dual-tranche funding round at a valuation of $20B. The funding round was led by institutional investors such as Jane Street, HSG, Oppenheimer Alternative Investment Management and Tribe Capital, co-founded by Kraken’s co-CEO Arjun Sethi. Publicly traded companies in the space include Coinbase (COIN), Robindhood (HOOD), and BAkkt (BKKT).
• Physical Intelligence – The developer of AI software for robots secure $600M in a round led by Alphabet’s CapitalG at a $5.6B valuation. Publicly traded companies in the space include Rockwell Automation (ROK), Zebra Technologies (ZBRA), and Teradyne (TER).
• Kalshi – The prediction market platform raised $300M Series D funding round, valuing it at $5B. The fundraise was co-led by Andreessen Horowitz and Sequoia Capital, with significant participation from Paradigm. Additional backers include Coinbase Ventures, General Catalyst, Spark Capital, and CapitalG. Publicly traded companies in the space include DraftKings (DKNG), Flutter (FLUT), and CME Group (CME).
• Function – The health startup secure $298M in Series B funding led by Redpoint Ventures. This brings the company’s valuation to $2.5B. Publicly traded companies in the space include Teladoc (TDOC), Exact Sciences (EXAS), and Guardant Health (GH).
• Genspark – The technology company building agentic AI for 1B-plus global knowledge workers closed an oversubscribed $275M Series B financing round at a $1.25B post-money valuation. Publicly traded companies in the space include Microsoft (MSFT), Alphabet (GOOGL), and Amazon (AMZN).

Unicorns to watch this week:

• CompanyCam – The construction site documentation and project management platform has recently been raised $415M in a late-stage round led by B Capital. The company is now valued at $2B. Publicly traded companies in the space include Autodesk (ADSK), Trimble (TRMB), and Procore Technologies (PCOR).
• Thinking Machines Lab – The AI foundation model startup founded by Mira Murati, former CTO at OpenAI, raised a seed round of about $2B, valuing it at around $10B. Publicly traded companies in the space include Alphabet (GOOGL), Microsoft (MSFT), and Nvidia (NVDA).
• Glean – The AI enterprise search company has recently joined the $5B-plus ultra-unicorn club. Publicly traded companies in the space include Elastic (ESTC), Alphabet, and Microsoft.
• Abridge – The AI-powered medical note-taking startup is valued above $5B after recent funding. Publicly traded companies in the space include Veradigm (MDRX), NextGen Healthcare (NXGN), and Teladoc.
• Colossal Biosciences – The biotech “de-extinction” startup secured $200M in January 2025, reaching $10B valuation. Publicly traded companies in the space include Ginkgo Bioworks (DNA) and Twist Bioscience (TWST).

IPOs to watch: 

• Pershing Square Capital – Bill Ackman is readying an IPO of his hedge fund Pershing Square Capital in a stock listing that could arrive as soon as early 2026, the Financial Times’ Costas Mourselas, Ivan Levingston, Antoine Gara, and Amelia Pollard report. The billionaire had informed some existing investors in his hedge fund, which has roughly $21B in assets, and started speaking with advisers about plans for an offering, the authors say, citing two people briefed on the matter. The IPO could occur as early as Q1 2026, the authors note.
• Grayscale Investments – The company filed a prospectus for an initial public offering on the New York Stock Exchange under the ticker symbol “GRAY.” Grayscale says it is the largest digital asset-focused investment platform in the world, with $35B in assets under management as of September 30.
• Klook Technology – The company identifies itself as “the largest pan-regional experiences platform in Asia-Pacific” by gross transaction volume in 2024. It announced that it has filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission relating to the proposed initial public offering of American Depositary Shares representing its ordinary shares.
• Medline (MDLN) – The provider of medical-surgical products and supply chain solutions filed a prospectus for an initial public offering on the Nasdaq.
• Lendbuzz (LBZZ) – The company is offering an undetermined number of shares of its common stock and the selling stockholders identified in this prospectus are offering additional shares of common stock, according to an initial public offering prospectus filed with the SEC. 

“Private Markets” is The Fly’s recurring series of stories on the latest moves in the private sector, largest unicorn companies and initial public offerings to watch. Fly subscribers, add $PRIVATE to your portfolio for alerts on breaking news in the startup and venture capital space.