Kalshi lands $40 billion valuation with $1 billion Series G funding round
Prediction market operator Kalshi raised $1 billion in a Series G round co-led by Sequoia Capital and Wellington Management, valuing the exchange at $40 billion ahead of an expected public listing.
Prediction market platform Kalshi has secured $1 billion in a Series G funding round that values the company at $40 billion post-money, according to reports relayed by The Block and Techmeme. The round was co-led by Sequoia Capital and Wellington Management, with additional backing from Andreessen Horowitz, Morgan Stanley Investment Management, Coatue, CapitalG, Tiger Global Management, and Dragoneer Investment Group.[1][2][5][9][10]
The fresh capital nearly doubles Kalshi's valuation from $22 billion in May, when it closed a $1 billion Series F led by Coatue. Prior rounds had valued the company at $5 billion in October 2025 and $11 billion in December 2025. Lauren McCarthy of the New York Times reported that the new transaction gives Kalshi roughly double the market value of rival Polymarket and represents the company's final private fundraise before a planned initial public offering.[1][2][7][8]
Kalshi plans to use the proceeds to expand beyond its core event contracts into products such as single-stock perpetual futures, leveraged event contracts, a market for trading compute pricing, and its institutional business, CNBC reported. The platform has created more than 30 million accounts, surpassed $1 trillion in annualized trading volume, and generated an annualized revenue run rate topping $1 billion from non-sports contracts.[2][3][4][6][10][11]
The funding follows mounting regulatory friction. Utah's attorney general filed criminal charges against Kalshi, CEO Tarek Mansour, and co-founder Luana Lopes Lara alleging illegal promotion of online gambling, while Kalshi contends that its federally regulated contracts supersede state gambling laws.[2][3]
Key facts
- Kalshi raised $1 billion in a Series G round co-led by Sequoia Capital and Wellington Management at a $40 billion post-money valuation.
- Additional participants in the round included Andreessen Horowitz, Morgan Stanley Investment Management, Coatue, CapitalG, Tiger Global Management, and Dragoneer Investment Group.
- The valuation rose from $22 billion in May 2026, following valuations of $11 billion in December 2025 and $5 billion in October 2025.
- The New York Times reported that the fundraise is expected to be Kalshi's last before an IPO, giving it almost double the valuation of rival Polymarket.
- Kalshi plans to use the new funds for single-stock perpetual futures, leveraged event contracts, a compute pricing market, and institutional services.
- Kalshi reported an annualized revenue run rate topping $1 billion from non-sports contracts, annualized trading volume over $1 trillion, and more than 30 million accounts created.
- The round comes as Utah's attorney general filed criminal charges against Kalshi and its co-founders alleging unlawful online gambling promotion.
Sources · 10 sources
- TE
TechmemeArticle ·
Kalshi raised $1B led by Sequoia and Wellington Management at a $40B valuation, up from a $22B valuation after raising $1B in May, its last raise before an IPO (Lauren McCarthy/New York Times) Lauren McCarthy / New York Times : Kalshi raised $1B led by Sequoia and Wellington Management at a $40B valuation, up from a $22B valuation after raising $1B in May, its last raise before an IPO — The prediction market raised $1 billion in a new funding round and landed a market value almost double that of rival Polymarket.
Open source - UN
UnchainedArticle ·
Prediction Market Kalshi Now Worth $40 Billion After $1 Billion Round, Eyes Single-Stock Perps Kalshi has raised $1 billion at a $40 billion valuation and is branching out from prediction markets, CNBC reported . The new products it plans to fund include single-stock perps, leveraged versions of its event contracts and a market for trading compute prices. Sequoia Capital and Wellington Management reportedly co-led the round. Tiger Global Management and Dragoneer Investment Group also invested, Reuters reported , citing a person familiar with the matter. The new mark is up from the $22 billion valuation Kalshi announced in May , when Coatue led a $1 billion Series F. In October 2025, a $300 million Series D co-led by Andreessen Horowitz and Sequoia valued the company at $5 billion. In December 2025, Kalshi raised a $1 billion Series E led by Paradigm at an $11 billion valuation. Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter . Where the Money Goes Kalshi called event contracts a starting point, CNBC reported, citing the company’s announcement. Beyond the new products, it reportedly said part of the money will go to its institutional business. Kalshi put its institutional client count at 500 in September, saying those clients accounted for a quarter of its volume when market makers are left out. Kalshi did not immediately respond to a request for comment from Unchained. Perpetual futures were Kalshi’s first product outside prediction markets. It announced them in late May and, after CFTC approval, started with crypto before adding equity indexes and metals. Bitcoin and ether held at BitGo will also back perps margin loans for some Kalshi Prime clients. A multi-asset Kalshi would compete more directly with CME Group and Intercontinental Exchange, which owns the New York Stock Exchange. From Talks to a Close Sequoia and Wellington were reportedly in advanced talks over a round of at least $750 million at the same valuation in August. In June, CEO Tarek Mansour said Kalshi was weighing a public listing, though not before 2027. “A company of our financial profile with the rate of growth that we’re seeing, that sort of conversation has to happen,” he said on CNBC’s “Squawk Box.” The raise comes a day after Utah’s attorney general brought criminal charges against Kalshi, listing Mansour and co-founder Luana Lopes Lara as co-defendants and alleging the company illegally promoted online gambling. Kalshi has argued that federal law, not state gambling rules, governs its contracts, and the CFTC has asked a federal judge to halt Utah’s civil case against the company. Related Listen: Why Kalshi Chose Crypto Perps for Its First Move Beyond Prediction Markets The post Prediction Market Kalshi Now Worth $40 Billion After $1 Billion Round, Eyes Single-Stock Perps appeared first on Unchained .
Open source - CT
Coin TelegraphArticle ·
Kalshi raises $1B at $40B valuation as non-sports revenue run rate tops $1B The funding round comes as Kalshi expands its partnerships with the NBA and S&P Dow Jones Indices while facing legal challenges over its sports contracts.
Open source - CB
Crypto BriefingArticle ·
Kalshi raises $1B at $40B valuation as it expands into crypto and stock perpetual futures Kalshi's expansion into diverse financial markets could reshape trading dynamics, challenging traditional exchanges and regulatory frameworks. The post Kalshi raises $1B at $40B valuation as it expands into crypto and stock perpetual futures appeared first on Crypto Briefing .
Open source - TB
The Block@TheBlockCoPost on X ·
NEW: Kalshi completed a $1 billion funding round valuing the prediction market exchange at $40 billion, according to multiple media reports. Sequoia Capital and Wellington Management co-led the Series G round, raising the platform's valuation from $22 billion in May. https://t.co/Kk8fyPC2Ty
Open source - CB
Crypto Briefing@Crypto_BriefingPost on X ·
📈 NEW: Kalshi raises $1B at a $40B valuation, up 82% from $22B in May, in a round led by Sequoia Capital and Wellington Management. The prediction market platform plans to expand into stock perpetual futures, leveraged event contracts and AI computing markets. https://t.co/r0y8HCemcy
Open source - LS
Laura Shin@laurashinPost on X ·
Kalshi's valuation: $5 billion in October 2025, $11 billion in December 2025, $22 billion in May, $40 billion after a $1 billion round reportedly announced Thursday. https://t.co/YsWR7Rkpq3
Open source - QU
Quartz@qzPost on X ·
Kalshi Hits $40 Billion Valuation in Months Prediction market Kalshi just closed a $1 billion round led by Sequoia and Wellington, nearly doubling its $22 billion valuation from May. It's reportedly the company's last https://t.co/nRvjFdTWA6 #Kalshi #PredictionMarkets #Sequoia https://t.co/B0PZOv7bkk
Open source - *B
*Walter Bloomberg@DeItaonePost on X ·
KALSHI: ANNOUNCING $1 BLN SERIES G AT $40 BLN POST-MONEY VALUATION, CO-LED BY SEQUOIA & WELLINGTON
Open source - *B
*Walter Bloomberg@DeItaonePost on X ·
KALSHI HITS $40 BILLION VALUATION AFTER $1 BILLION FUNDING ROUND Prediction-market platform Kalshi has reached a $40 billion valuation after raising $1 billion in a funding round co-led by Wellington and Sequoia. Additional investors include Andreessen Horowitz, Morgan Stanley Investment Management, Coatue and CapitalG. Kalshi also reported more than $1 billion in annualized revenue from non-sports contracts, highlighting demand beyond sports-related markets.
Open source - PY
PYMNTS@pymntsPost on X ·
💰 Kalshi closed a $1 billion Series G at a $40 billion valuation, with annualized trading volume past $1 trillion and more than 30 million accounts created. Full story on PYMNTS. https://t.co/zJv7zppcdo
Open source