Kalshi

Fintech · Prediction Markets · Exchanges

Funding

Kalshi raises $1B Series G at $40B valuation, up from $22B in May

The prediction market now outvalues rival Polymarket roughly two to one as it pushes into perpetual futures and institutional trading.

• Kalshi closed a $1 billion Series G co-led by Sequoia Capital and Wellington Management, valuing the company at $40 billion post-money.
• Kalshi runs a CFTC-regulated exchange for trading event contracts on elections, sports, economics and weather, and has expanded into crypto and perpetual futures.
• The company's annualized trading volume now tops $1 trillion, non-sports annualized revenue exceeds $1 billion, and it has over 30 million accounts.
• The valuation is up nearly 82% from the $22 billion mark set just five months earlier in a Coatue-led round, one of the fastest repricings in recent fintech history.
• Kalshi says it will use the capital to build leveraged event contracts, single-stock perpetual futures, and markets tied to the price of compute.
• The round lands days after Utah brought 14 criminal gambling charges against Kalshi and two of its executives, underscoring unresolved state-vs-federal legal disputes over sports contracts.
• CEO Tarek Mansour said there have been IPO discussions, and this Series G is widely seen as Kalshi's last private round before going public.
• At $40 billion, Kalshi now sits roughly double rival Polymarket's valuation, signaling investors believe regulated exchanges can outcompete offshore-style prediction markets despite ongoing legal risk.