Kalshi seeks a $65 billion valuation for a compute futures platform as Trump Jr. exits as adviser
The prediction-market company is in talks to raise money weeks after a $40 billion round, as it ends its advisory contract with the president’s eldest son.
Kalshi is in talks to raise funds at a $65 billion valuation for a compute futures platform, a source said1. The company is seeking fresh capital to develop compute futures2.
The talks come weeks after Kalshi’s $40 billion funding round3.
Its plans face delays at the Commodity Futures Trading Commission, the US derivatives regulator2.
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A race to price computing power
Kalshi is not alone in the market. CME Group said earlier in the year that it was partnering with Silicon Data to launch compute futures later this year, pending regulatory review1.
Compute futures would let buyers and sellers lock in prices for access to AI computing power ahead of time, a product tied to the graphics processors that run AI systems1,2. For Kalshi, regulatory approval is the gating factor for a launch2.
The fundraising and the regulatory process are therefore linked: the new capital is meant to build a product that cannot launch until the regulator signs off1,2. The CME partnership shows that an established exchange is pursuing the same idea, which sets up a contest over who lists the first such contracts1,3.
Trump Jr. leaves
Separately, Kalshi ended its advisory contract with Donald Trump Jr.3. Kalshi’s chief executive admitted the “optics” were not good4.
Accounts of the reason differ. Officially, the move was due to a conflict of interest over his firm, 1789 Capital, investing in Kalshi6. A Kalshi spokesperson said his departure was a response to 1789 Capital increasing its stake5. Another account ties his exit to a large investment by his firm in the rival platform Polymarket4. The coverage available does not reconcile the two explanations4,6.
Trump Jr. advised Kalshi and received equity4. He left as Democrats threatened investigations6.
Why it matters to investors
A valuation of $65 billion would be a large step up from the $40 billion round weeks earlier, a sign of investor appetite for prediction markets and for new financial products tied to the AI buildout1,3. A compute futures market would give data-centre operators and AI companies a way to hedge the cost of processing capacity1,2.
The adviser exit removes a political link that had drawn scrutiny as Democrats threatened investigations4,6.
What to watch
The CFTC’s handling of compute futures, for both Kalshi and the CME-Silicon Data product, will decide when such contracts can trade1,2.
Confirmation of the funding round, including its size and lead investors, would show whether the $65 billion valuation holds1,3. Any response from Democrats on the Trump Jr. arrangement, after their threats of investigations, is a further point to follow5,6.
Sources
- Kalshi in talks to raise funds at $65 billion valuation for compute futures platform, source says, reuters.com (2026-11-13)
- Kalshi Seeks $65 Billion Valuation as Compute Futures Plans Face CFTC Delays - FinanceFeeds, financefeeds.com (2026-11-13)
- Kalshi in talks to raise at a $65B valuation, weeks after its $40B round | Dealroom.co, app.dealroom.co (2026-11-13)
- Trump Jr. out as Kalshi advisor after his firm’s big investment in Polymarket - Ars Technica, arstechnica.com (2026-11-13)
- Loser Donald Trump Jr. loses lucrative gig - Alternet.org, alternet.org (2026-11-13)
- NEW: Donald Trump Jr Out As Kalshi Adviser As Democrats Threaten Investigations, mediaite.com (2026-11-13)
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