Kalshi raises $1B at a $40B valuation, up from a $22B valuation in May

Kalshi has raised $1B in a Series G funding round, valuing the company at $40B. It plans to use the money to build out its prediction markets, develop new financial products, accelerate growth, and more (1).

• The company made the announcement on Thursday, October 29.
• The funding round was co-led by Wellington and Sequoia, with Andreessen Horowitz, Coatue, Baillie Gifford, Morgan Stanley Investment Management, CapitalG, and other investors also participating.
• Kalshi reported that its annualized trading volume now tops $1T, while annualized non-sports revenue has surpassed $1B. Over 30M accounts have been opened on the platform, where over 75% of prediction market trading volume is happening, the company says.
• In its press release, Kalshi noted that many aspects of its business are growing:
  • Perpetual futures business: generated $83B in trading volume since launch several months ago.
  • International retail business: approaching $100M in annualized trading fees, one year after expanding into 140+ countries.
  • Institutional participation: rising; approx. 500 entities traded on the platform in September.
• Kalshi plans to direct the new investment toward new trading products, greater institutional participation, and expansion into international markets. The company also recently announced plans to develop prediction market indices with S&P Global (1, 2).
• About 5 months ago, Kalshi raised $1B in a previous round, which valued the company at $22B, Reuters reports — meaning Kalshi's valuation is up almost 82% (3).
• Kalshi's rapid growth comes amid legal challenges over whether its sports prediction markets violate state gambling laws. On October 28, Utah filed 14 criminal charges against Kalshi and its two co-founders, alleging illegal gambling activities (4).

Sources & Further Reading

1. "Building the next-generation financial exchange: Kalshi raises $1 billion at a $40 billion valuation." Kalshi. October 29, 2026.
2. "S&P Dow Jones Indices and Kalshi Announce Collaboration to Bring the World's Most Trusted Benchmarks to Prediction Markets." S&P Global. October 26, 2026.
3. "Kalshi raises $1 billion at $40 billion valuation as it expands beyond prediction markets." Reuters. October 29, 2026.
4. "Utah criminally charges Kalshi with promoting illegal gambling." Reuters. October 28, 2026.