Two weeks after announcing a $1 billion round, Kalshi is discussing another financing at a $65 billion valuation to build a compute-futures market, Reuters reported on November 12, citing a person familiar with the talks. The earlier round valued the exchange at $40 billion post-money.
Kalshi’s exchange lets individuals and institutions trade on outcomes in sports, politics and the economy. Compute futures would let traders hedge or speculate on changes in rental costs for GPUs and other computing capacity, drawing Kalshi further into competition with established derivatives exchanges.
Kalshi had already listed compute markets in its October 29 expansion plan. It said institutions other than market makers generated about a quarter of September trading volume and planned to invest in institutional sales and infrastructure.
CME is developing cash-settled futures tied to hourly rental prices for Nvidia H100 and B200 GPUs, with regulatory review pending. In an August 21 request for comment, the Commodity Futures Trading Commission warned that privately negotiated compute prices and concentrated suppliers could leave the market vulnerable to manipulation.