Kalshi Raises $1 Billion Series G at $40 Billion Valuation, Nearly Doubling Since May
Kalshi Raises $1 Billion Series G at $40 Billion Valuation, Nearly Doubling Since May #
Kalshi has closed a $1 billion Series G funding round at a $40 billion post-money valuation, the company announced on October 29. That is nearly double the $22 billion valuation the prediction market platform carried after its Series F five months earlier.
Wellington Management and Sequoia Capital co-led the round, with ten additional investors participating: Baillie Gifford, Andreessen Horowitz, Coatue, Morgan Stanley Investment Management, CapitalG, Hudson River Trading, Balyasny Asset Management, Stripes, Layer Global, and Sequoia Global Equities. The round is Sequoia’s fourth consecutive participation in a Kalshi funding round.
Kalshi said its annualized trading volume across prediction markets, commodities, crypto, and perpetual futures has surpassed $1 trillion. Non-sports annualized revenue has crossed $1 billion. The platform now hosts more than 30 million accounts and claims more than 75% of global prediction market trading volume.
The new valuation puts Kalshi ahead of rival Polymarket, which was valued at roughly $21 billion in an August financing round. Kalshi said the capital will fund new products, including market indices, single-stock perpetual futures, and compute markets, as well as expanded institutional adoption and international reach.
The announcement came one day after Utah filed criminal charges against Kalshi, chief executive Tarek Mansour, and chief operating officer Luana Lopes Lara. The dispute centers on whether sports event contracts are federally regulated financial instruments or state-regulated gambling. Kalshi has called the state’s action an overreach. The CFTC and the Department of Justice filed suit against Utah to block its enforcement action. Federal appeals courts have split on the question, and New Jersey has petitioned the Supreme Court to hear the case.
The Series G is widely seen as Kalshi’s last private funding round before a potential initial public offering. Mansour has declined to confirm a timeline for any listing.
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