Kalshi Raises $1 Billion, Valuation Hits $40 Billion

Kalshi completed a $1 billion Series G funding round at a post-money valuation of $40 billion. The company said it is moving beyond prediction markets toward a broader range of financial products. Wellington Management and Sequoia Capital jointly led the round. Baillie Gifford, Stripes, Andreessen Horowitz, Coatue, Layer Global, Morgan Stanley Investment Management, Sequoia Global Equities, CapitalG, Hudson River Trading and Balyasny Asset Management also participated as investors. According to separate reports, Tiger Global Management and Dragoneer Investment Group also took part in the round.

The new valuation is significantly higher than the $22 billion figure seen in the $1 billion round in May. The company had raised funding at a $5 billion valuation in October 2025 and at an $11 billion valuation in December 2025.

Kalshi reported that its annual trading volume has exceeded $1 trillion and that it has more than 30 million accounts. The company said it executes more than 75% of prediction market trades itself. It first provided liquidity through sports event contracts. Today, annual revenue from non-sports trading has surpassed $1 billion.

Commodities trading generated more than $100 million in annual trading fees over three months. Crypto trading volume reached $140 billion annually, while the volume of political markets exceeded $8 billion. The futures product launched a few months ago recorded $83 billion in volume, and more than 500,000 traders have joined it.

The international retail business operates in more than 140 countries and is approaching $100 million in annual trading fees. Kalshi said the new capital will be used for exchange development, institutional products and international growth.