Kalshi Valuation Surges to $40bn Following $1bn Series G Mega-Round

$1trn in Annualised Volume, 30 Million Accounts

The funding round was co-led by Wellington and Sequoia. Ten co-investors were also involved, including Andreessen Horowitz, Coatue, CapitalG, Morgan Stanley Investment Management, Hudson River Trading and Balyasny Asset Management.

Following the funding round, the company released its own performance report.

Line

Reported figure

Annualised trading volume

over $1trn

Non-sports annualised revenue

over $1bn

Crypto, annualised volume

$140bn

Politics, annualised volume

over $8bn

Perpetual futures, volume since launch

$83bn

Commodities, annualised trading fees

over $100m

International retail, annualised fees

nearly $100m

Accounts created

over 30m

Share of prediction market volume

over 75%

Two of those lines deserve a second look. Kalshi does not say how non-sports revenue is defined, and the two fee lines it does name add to roughly $200m. That is about a fifth of the $1bn figure — a 15M calculation on the company’s own post.

Divide the valuation by accounts created and you get about $1,333 per account, another 15M calculation.

Kalshi emphasises the use of its platform by institutional investors. In September, roughly 500 institutional participants were active in its markets, representing a focus area for Kalshi. Trading volume from non-market makers constituted approximately 25%.

Sports Opened the Door, Everything Else Is the Pitch

Kalshi operates a US Commodity Futures Trading Commission regulated exchange that offers event contracts rather than bets, distinguishing it from sportsbooks. Its sports contracts were instrumental in developing its liquidity. However, the narrative around the Series G funding is centred on all the other contracts it offers. These include contracts on commodities, crypto, politics and perpetual futures. Additionally, Kalshi is working to enhance its prediction market products, including a collaboration with S&P to create prediction market indices.

In the event and prediction markets sector, Kalshi’s primary rival is Polymarket, which had a last known valuation of approximately $21bn. Kalshi’s valuation is nearly twice Polymarket’s most recent valuation.

However, the legal context is still uncertain across different states in the US. Chief executive Tarek Mansour told the New York Times that regulatory risk is "embedded into the valuation". In a separate case, Utah has filed charges against Kalshi’s founders on 14 counts.

What This Means

• Operators: a $40bn venue with 30 million accounts and three quarters of prediction market volume is a distribution rival, not a side story. It competes without a bonus budget, on fees and product breadth.
• Affiliates: international retail is nearing $100m in annualised fees one year after launching in 140-plus countries. Latin America and Europe are the named next targets. If you work either region, open the partnership conversation before the sportsbook CPA there gets squeezed further.
• Providers: indices, single-stock perpetual futures and compute markets are the declared roadmap. None of that needs a game studio, and all of it needs market data and risk infrastructure.

What’s Next

Mansour declined to discuss plans for an initial public offering, acknowledging only that "there’s been discussions". Bloomberg previously reported an IPO could happen as early as 2027. New products from the firm will include indices, single-stock perpetual futures, and compute markets.

Source: Kalshi, "Building the next-generation financial exchange: Kalshi raises $1 billion at a $40 billion valuation", 29 October 2026