Kalshi Raises $1 Billion in Round Valuing It at $40 Billion

Kalshi has raised $1 billion at a $40 billion valuation, giving the prediction-market exchange fresh capital for plans to expand into a broader financial exchange and lifting its valuation from May.

The round was co-led by Sequoia Capital and Wellington Management. Kalshi plans to direct the proceeds toward leveraged event contracts, perpetual futures tied to individual stocks and markets based on compute prices. It also plans to keep investing in its institutional business.

Since May, prediction-market activity has grown around the 2026 FIFA World Cup and NFL season, while election trading has risen ahead of the U.S. midterms. Combo contracts, which resemble sportsbook parlays, have also expanded.

Kalshi announced its first offering beyond prediction markets, perpetual futures, in late May. In September, Kalshi said it worked with 500 institutional entities; excluding market makers, those firms represented 25% of its total trading volume.

Kalshi’s previous funding round in May valued it at $22 billion. In October 2025, its valuation was $5 billion, making the new $40 billion figure eight times that level.