Kalshi raises $1 billion at $40 billion valuation

Kalshi has announced a $1 billion Series G funding round at a $40 billion post-money valuation, co-led by Wellington and Sequoia.

The company's October 29 announcement says the financing will support its expansion into a broader financial exchange.

The new valuation follows Kalshi's May 7 announcement of a $1 billion Series F at a $22 billion valuation, led by Coatue.

Fundraising talks at the higher valuation had already been reported by Bloomberg in September. The October announcement confirms the financing rather than introducing the proposed valuation for the first time.

Expansion beyond event contracts

Kalshi also says its non-sports business now generates more than $1 billion in annualised revenue. An annualised figure describes a revenue pace; it is not revenue already earned over a full year.

The company has already expanded into perpetual futures, which have no expiry date. This week, Plus500 launched access to Kalshi perpetuals through its US futures commission merchant, with direct clearing through Kalshi Klear.

Separately, S&P Dow Jones Indices and Kalshi announced a collaboration covering benchmark licensing for event contracts and plans for indices using prediction-market data.

The financing arrives alongside continuing disputes over sports contracts. Utah brought criminal charges against Kalshi and its co-founders on October 28. Those charges remain allegations and do not establish guilt.