Kalshi raises funding at $40 billion valuation
Kalshi announced a $1 billion Series G funding round on October 29, valuing the company at $40 billion after the investment. Wellington Management and Sequoia co-led the financing as the prediction market operator outlined plans to expand its financial exchange business.
The company plans to direct the capital toward product development, institutional distribution, and international expansion. Its announced priorities include prediction market indices, single-stock perpetual futures, and markets linked to computing capacity.
The fundraising accompanies a broader move beyond contracts on sports and elections. Reuters reported that Kalshi introduced perpetual futures in 2026 following Commodity Futures Trading Commission approval, initially covering cryptocurrency before expanding into equity indexes and metals.
Institutional business and international expansion
Kalshi said approximately 500 entities were active on its exchange in September. Entities excluding market makers represented approximately 25% of total exchange trading volume, according to the company.
The operator also reported more than $1 billion in annualized non-sports revenue. That measure represents an annualized rate rather than revenue earned over a completed financial year.
Expansion continues alongside disputes over the treatment of sports event contracts. State authorities have challenged Kalshi’s position that federal derivatives regulation governs those products, while the company has defended its operations through litigation.
