The prediction market platform Kalshi is in advanced discussions to secure $1 billion in new capital from a mix of existing and prospective backers. Tiger Global and Dragoneer are among the investors in talks to participate in the funding round, according to Reuters.

The proposed investment would value the company at $40 billion, nearly doubling the $22 billion valuation recorded in May. The capital injection is intended to expand the company's resources as it continues to operate its event-based betting markets.