Kalshi Raises $1 Billion at $40 Billion Valuation, Nearly Doubling in Five Months

Prediction market company Kalshi has raised $1 billion in a Series G round that sets the Kalshi valuation at $40 billion after the new money, the company announced on Thursday, Oct. 29, 2026. Wellington Management and Sequoia Capital co-led the round.

The deal nearly doubles the value of the New York-based company in about five months. Kalshi was valued at $22 billion in May, when it raised its Series F, and at $11 billion in December 2025.

Who invested in Kalshi’s $1 billion round

Besides Wellington and Sequoia, Kalshi listed Baillie Gifford, Stripes, Andreessen Horowitz, Coatue, Layer Global, Morgan Stanley Investment Management, Sequoia Global Equities, CapitalG, Hudson River Trading and Balyasny as participants. Reuters, citing a source familiar with the matter, reported that Tiger Global and Dragoneer also took part.

Several names on that list are traditional public-market investors rather than venture firms, along with a major trading firm and a hedge fund. Kalshi said about 500 entities were active on its exchange in September, and that entities other than market makers made up about 25% of total trading volume.

By the numbers: Kalshi’s valuation climb

Kalshi’s value has risen about twentyfold in roughly 16 months. Tech Funding News reported a $2 billion valuation in June 2025. In October 2025 a $300 million Series D valued the company at $5 billion. A $1 billion Series E in December 2025 lifted that to $11 billion, and a $1 billion Series F led by Coatue in May 2026 set it at $22 billion, TechCrunch reported.

By The Boston Report’s math, the new $40 billion figure is 82% above the May valuation. The company has now raised $3.3 billion across its last four rounds, counting the $300 million Series D and three rounds of $1 billion each. Tech Funding News, citing The Information, reported that Kalshi’s annualized revenue topped $4 billion, which would put the valuation at roughly 10 times revenue.

What Kalshi says it has built

Kalshi, which is regulated by the Commodity Futures Trading Commission, lets users trade contracts tied to the outcomes of real-world events, from elections to sports results to economic data. In its announcement, the company said:

• Annualized trading volume is above $1 trillion, and the platform has more than 30 million accounts.
• It accounts for more than 75% of prediction market trading volume.
• Annualized revenue outside sports has passed $1 billion.
• Commodities has grown into a business with more than $100 million in annualized trading fees in three months.
• Crypto markets run at about $140 billion in annualized volume, and politics markets at more than $8 billion.
• Its international retail business, launched in more than 140 countries a year ago, is approaching $100 million in annualized trading fees.
• Its perpetual futures product has handled $83 billion in volume from more than 500,000 traders.

These are company figures and have not been independently audited. Kalshi said its partners include Interactive Brokers, Cantor Fitzgerald, S&P, Nasdaq, Stripe, PayPal and Block.

Where the new money goes

Kalshi said it will use the funding to build indices with S&P, launch single-stock perpetual futures, create markets for computing capacity and expand into Latin America and Europe. Kalshi said it recently agreed with S&P to build indices based on prediction markets, and that it will spend on institutional sales, distribution and product development aimed at hedge funds, proprietary trading firms and other financial institutions. In the announcement, the company described its goal as building “the next-generation financial exchange” and said sports brought millions of people to the platform before it extended into politics, crypto, economics, commodities and perpetual futures.

Reuters reported that the expansion beyond event contracts puts Kalshi in more direct competition with established exchange operators such as CME Group and Intercontinental Exchange.

The company was founded in 2018 by MIT classmates Tarek Mansour and Luana Lopes Lara. Sports contracts have driven much of its recent growth, which has drawn pushback from some state gambling regulators and tribal gaming groups who argue the products amount to sports betting. Kalshi says its contracts are federally regulated financial products. CNBC, which reported on the round, discloses that it has a commercial relationship with Kalshi.

For more on the year’s mega funding rounds, see our report on OpenAI’s scaled-back funding round, and for the latest market moves, read the Oct. 31 Business Report.

Sources

• Kalshi: Series G announcement, $40 billion valuation (Oct. 29, 2026)
• CNBC: Kalshi raises $1 billion at $40 billion valuation
• Reuters via Investing.com: Kalshi raises $1 billion at $40 billion valuation as it expands beyond prediction markets
• TechCrunch: Kalshi doubles valuation in 5 months, hitting $22 billion (May 7, 2026)
• Tech Funding News: Kalshi nearly doubles to $40B in five months