Kalshi Raises $1bn at a $40bn Valuation in the Week Utah Charged Its Founders

Kalshi has almost doubled its valuation in under six months with a $1 billion Series G co-led by Wellington and Sequoia. The round was announced a day after Utah filed felony charges against the exchange and both co-founders, and the company's pitch to investors leans on its business beyond sport.

• Kalshi has raised $1 billion in a Series G at a $40 billion post-money valuation, co-led by Wellington and Sequoia, according to its announcement of 29 October
• The price is almost double the $22 billion of the Coatue-led Series F in May and 20 times the $2 billion of its Series C in June 2025
• Kalshi says the money will fund indices, single-stock perpetual futures, compute markets, institutional sales and expansion in Latin America and Europe
• The announcement came a day after Utah filed criminal charges against Kalshi and its two founders, and it does not mention the case
• The valuation is close to double the $21 billion reported for Polymarket's latest round, while Robinhood plans to move most of its prediction flow to other venues

Kalshi Closes a $1 Billion Series G at a $40 Billion Valuation

Kalshi said on 29 October that it had raised $1 billion in a Series G at a $40 billion post-money valuation, co-led by Wellington and Sequoia. The announcement names Baillie Gifford, Stripes, Andreessen Horowitz, Coatue, Layer Global, Morgan Stanley Investment Management, Sequoia Global Equities, CapitalG, Hudson River Trading and Balyasny Asset Management as co-investors. Reuters, as carried by Business Today, reported that Tiger Global Management and Dragoneer Investment Group also took part, citing a source; neither appears in Kalshi's list. Individual commitments were not disclosed.

Kalshi's own announcements trace the climb: a $185 million Series C at $2 billion led by Paradigm in June 2025, a $300 million Series D at $5 billion that October, a $1 billion Series E at $11 billion in December 2025 and a $1 billion Series F at $22 billion led by Coatue on 7 May 2026. iGaming Times reported in June that Kalshi was targeting a $40 billion valuation.

What Kalshi Says It Will Build

According to the announcement, the money will fund new assets including indices, single-stock perpetual futures and compute markets; institutional sales and products for hedge funds, proprietary trading firms and financial institutions; and international expansion focused on Latin America and Europe. Kalshi cites a recent partnership with S&P to build indices on prediction markets.

The figures behind the pitch are company claims and unaudited. Kalshi says it has more than $1 billion in non-sports annualised revenue, annualised trading volume above $1 trillion, more than 30 million accounts and over 75% of prediction market trading volume. It says perpetual futures have reached $83 billion in volume and more than 500,000 traders, and that commodities passed $100 million in annualised trading fees within three months. Total revenue and sports revenue were not disclosed.

The Round Lands in Kalshi's Hardest Legal Week

A day earlier, Utah Attorney General Derek Brown filed 13 felony counts and one misdemeanour over sports wagers against KalshiEX LLC, chief executive Tarek Mansour and chief operating officer Luana Lopes Lara. The charges are allegations, and Kalshi has called them "a crazy overreach". They came two days after the Commodity Futures Trading Commission sued Utah to stop the state's civil action. The funding announcement does not mention Utah, state litigation or regulation.

Investors Are Pricing an Exchange, Not a Sportsbook

The only revenue figure Kalshi disclosed is non-sports, and its announcement casts sport as the product that "brought millions of people to Kalshi and helped establish deep liquidity". That framing matters because Utah's criminal case rests entirely on sports wagers. Leading with perpetual futures, commodities and institutional flow offers investors a valuation that does not rest wholly on the pre-emption fight. Without a sports revenue figure, though, nobody outside the company can measure how much of the business the states are contesting.

The Gap With Polymarket Has Widened on Paper

Kalshi is now valued at close to twice the $21 billion Bloomberg reported for Polymarket's round led by 1789 Capital, which Polymarket had not confirmed when iGaming Times reported it on 1 September. Share is harder to compare: in May Kalshi claimed over 90% of US prediction market activity, and it now claims over 75% of prediction market trading volume without stating the base. The two are not like for like.

Distribution Is the Variable the Announcement Leaves Out

Robinhood's chief financial officer, Shiv Verma, said on 27 October that Rothera and OG.com would carry "the vast majority" of its prediction flow by early next year. Robinhood is not among the partners Kalshi names, a list that includes Interactive Brokers, Public.com, Wealthsimple, PayPal and Block. Kalshi does not say how much of its volume comes through any single broker.

Kalshi's backers have nearly doubled their price in under six months while Utah prosecutes its founders, which suggests they are valuing the exchange rather than the litigation. Whether that judgement holds depends on two numbers Kalshi has not published: its sports revenue and the share of its flow that leaves with Robinhood.