Kalshi lands $1B at $40B—prediction markets are officially getting a price tag

Prediction market platform Kalshi closed a $1 billion Series G funding round at a $40 billion valuation, Reuters reported Thursday, as the company expands beyond sports betting into financial markets. The round was co-led by Wellington Management and Sequoia Capital, with the financing first reported in September.

Kalshi said its non-sports markets now generate more than $1 billion in annualized revenue, according to The Wall Street Journal. The company was valued at $22 billion in May when it completed a $1 billion Series F funding round led by Coatue Management and reported an annualized revenue run rate exceeding $1.5 billion. Kalshi recorded approximately $15.8 billion in trading volume over the past 30 days, according to DefiLlama data.

The platform has expanded its partnerships amid legal challenges across the US. On Monday, the NBA named Kalshi and Polymarket preferred prediction market exchanges, while S&P Dow Jones Indices partnered with Kalshi to bring its financial benchmarks to event contracts.

Those agreements came amid a legal dispute over whether Kalshi’s sports contracts are subject to state gambling laws or federal derivatives regulation. Utah sued the company last week, prompting a separate lawsuit from the US Commodity Futures Trading Commission (CFTC) on Tuesday seeking to block state enforcement. On Wednesday, Utah escalated the dispute by filing criminal charges against Kalshi and its co-founders, according to a Reuters’ report.

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