Episode Details

Kalshi, the prediction market giant, just raised $1.12 billion—three-quarters of a $1.5 billion equity offering—under a private exemption, fueling speculation about its $22 billion valuation from a recent Series F round. But legal hurdles are mounting: a Washington state judge halted key contracts, citing state gambling laws. With 71 investors on board via Regulation D’s Rule 506(b), Kalshi’s path forward remains uncertain as it juggles capital and compliance.

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