Kalshi Breaks $30 Billion in Monthly Notional Volume as Reported $40 Billion Valuation Looms

Kalshi has crossed $30 billion in monthly notional volume for June 2026, a new all-time record and up around 68% from the previous month. The milestone lands alongside reports that the federally regulated exchange is in advanced talks to raise fresh capital at a $40 billion valuation, nearly double what it was worth in May.

The numbers, taken together, mark what may be the most consequential month in the short history of the prediction markets industry.

A Record That Rewrote Itself in Real Time

May 2026 was supposed to be Kalshi's breakout month. The platform closed it with $17.91 billion in notional trading volume; its ninth consecutive monthly record and a 21% jump from April. Investors called it a milestone. Analysts called it the new normal.

June has made May look like a warm-up.

By the second week of the month, Kalshi had already surpassed May's record figure. Since June 13, the platform has posted more than $1 billion in trading volume every single day — a threshold it had never crossed even once before that date. Daily volume topping $1 billion is no longer an event at Kalshi. It is, for now, the floor.

The engine behind it is the 2026 FIFA World Cup. In the first week of the tournament alone, Kalshi processed $5.1 billion in trading activity — the highest weekly figure ever recorded by a single prediction market platform. The week of June 15 pushed that further, with the platform generating $8.9 billion in notional volume, smashing its own prior weekly record of $6.38 billion set just seven days before. The total volume from sports accounted for almost half of all monthly notional volume, at $ 14.99 billion.

Combo contracts — multi-outcome parlays introduced in September 2025 — have been a central force in the surge. On several days during the World Cup, they have accounted for nearly half of Kalshi's total daily volume.
Exotic markets accounted for 30% of the volume at $10.1 billion, while crypto markets – led by short-term markets – completed $3.6 billion in June 2026.

The Fee Story Investors Are Actually Reading

The latest milestone follows a record-breaking month across other data points, including fees. Recent data indicates that Kalshi had earned $13.5 million in trading fees on June 24, its highest single-day fee haul to date. Over the seven days leading up to that date, the platform's fee revenue topped $75 million. Annualised at the current pace, that rate would put Kalshi's fee revenue at roughly $4 billion per year.

For perspective: at the start of 2025, Kalshi's daily fee revenue was under $50,000. Since launching, the platform has now collected $1.15 billion in lifetime fee revenue. Of that total, $850 million has come in 2026 alone.

Sports event contracts, specifically World Cup and NBA playoff markets, have driven the overwhelming majority of that revenue, and sports contract fee revenue is expected to cross $1 billion in the coming days.

The Raise: $40 Billion and Counting

On June 25, the Financial Times reported that Kalshi is in advanced discussions to raise new capital at a valuation of approximately $40 billion; the round could close as early as the third quarter of 2026, although there are no official clarifications yet.

The $40 billion target would nearly double the $22 billion valuation Kalshi secured in May, when it raised $1 billion in a Series F led by Coatue Management, with participation from Sequoia Capital, Andreessen Horowitz, Morgan Stanley, and ARK Invest. That round has barely settled and the company is reportedly back at the table.

The valuation climb since 2025 has been steep by any standard: $2 billion in June 2025, $5 billion in October, $11 billion in December, $22 billion in May 2026, and now a $40 billion target in June. That is a roughly 20x increase in approximately one year; a trajectory more consistent with early-stage hypergrowth than with an exchange approaching the scale Kalshi now operates at.