Kalshi Raises $1 Billion Series G at $40 Billion Valuation

Kalshi has raised $1 billion in Series G financing at a $40 billion post-money valuation, the company announced on October 29.

The round was co-led by Wellington and Sequoia. Law firm Cooley, which advised Kalshi on the transaction, separately confirmed the financing and valuation. 

The valuation is approximately 82% higher than the $22 billion assigned to Kalshi in May 2026, when it also raised $1 billion. The new round therefore brings another substantial increase in the company’s valuation within five months. 

Funding Targets Institutions and International Growth

Kalshi plans to invest in institutional sales, distribution and product development to serve hedge funds, proprietary trading firms and financial institutions.

The company said those customers require reliable infrastructure, deeper liquidity and products designed around their needs. It also identified Latin America and Europe as priorities for further international expansion. 

Other investors named in the company’s announcement include Baillie Gifford, Stripes, Andreessen Horowitz, Coatue, Morgan Stanley Investment Management, CapitalG, Hudson River Trading and Balyasny Asset Management.

Annualised Trading Volume Exceeds $1 Trillion

Kalshi reported more than $1 billion in annualised revenue from its non-sports business and over $1 trillion in annualised trading volume across the overall company.

These are annualised measures, expressing activity as a yearly rate. They should not be interpreted as revenue or trading volume already recorded over a completed financial year.

The company also said more than 30 million accounts had been created and claimed over 75% of prediction-market trading volume. The announcement did not provide a corresponding count of unique active users or a detailed methodology for the market-share calculation. 

Expansion Beyond Event Contracts

Kalshi framed the financing as supporting a broader financial exchange rather than prediction markets alone. Alongside sports and political contracts, its announcement highlighted commodities, cryptocurrency and perpetual futures.

That wider product range matters when interpreting the headline figures: the reported $1 trillion annualised trading volume covers the overall business, while the 75% market-share claim specifically concerns prediction markets.