Kalshi raises $1B Series G at a $40B valuation

Kalshi, the prediction market and trading exchange, announced a $1 billion Series G funding round at a $40 billion post-money valuation, co-led by Wellington and Sequoia. Other participants include Baillie Gifford, Stripes, Andreessen Horowitz, Coatue, Layer Global, Morgan Stanley Investment Management, Sequoia Global Equities, CapitalG, Hudson River Trading, and Balyasny Asset Management.

Kalshi says its overall annualized trading volume now exceeds $1 trillion across prediction markets, commodities, crypto, and perpetual futures, with more than $1 billion in non-sports annualized revenue. The company reports over 30 million accounts created and says it accounts for more than 75% of prediction market trading volume. Its commodities business has generated more than $100 million in annualized trading fees in just three months, crypto trading volume has reached $140 billion annualized, and politics trading volume has reached over $8 billion annualized. Its perpetual futures business, launched a few months ago, has reached $83 billion in trading volume and over 500,000 traders.

Kalshi says it will use the new capital to grow the exchange, launch products like indices, single-stock perpetual futures, and compute markets, invest in institutional sales and distribution, and expand internationally, with a focus on Latin America and Europe.

Why it matters

A $40 billion valuation signals investors increasingly see prediction markets as a mainstream financial exchange category, not a niche betting product.

Source: Kalshi