Woofun AI reports that Kalshi has advanced its capital strategy by selling $1.12 billion of a $1.5 billion equity offering, a move disclosed through an SEC Form D filing. The submission relies on Rule 506(b) of Regulation D, an exemption permitting securities sales without full SEC registration, while navigating ongoing regulatory scrutiny.

The offering, which commenced in April with the first sale recorded on April 3, has attracted 71 investors as of the Tuesday filing. With approximately $380 million remaining to be sold, the transaction is explicitly identified as equity, marking a significant portion of the total target already secured.

Woofun AI data shows, This activity follows Kalshi's early May announcement of a $1 billion Series F funding round at a $22 billion valuation. Although the Form D does not explicitly link the current offering to the Series F, clarification was sought from the company but no response was received by publication.

Structurally, the fundraising occurs against a backdrop of intensifying legal friction with US states. In mid-August, a Washington state judge ordered the platform to cease offering a broad range of event contracts, rejecting Kalshi's argument that federal law supersedes state gambling laws.