Kalshi raises $1bn at $40bn valuation, claims over 75% of market volume

Kalshi has raised $1 billion at a $40 billion post-money valuation, and says its sports-led prediction market now accounts for over 75% of prediction market trading volume. The exchange announced the Series G round, co-led by Wellington and Sequoia, in a company post on 29 October 2026.

Prediction markets host event contracts: contracts that pay out depending on whether a stated event happens. Kalshi says it is now widening into other products, and the share figure and the other numbers below are its own count.

By the numbers

• Non-sports revenue: over $1 billion annualised, according to the company.
• Trading volume: annualised volume across the business exceeds $1 trillion; over 30 million accounts have been created.
• Trading fees: commodities passed $100 million annualised in three months; international retail, one year after launching in more than 140 countries, is approaching that level.
• Crypto and politics: crypto volume at $140 billion annualised; politics at over $8 billion annualised.
• Perpetual futures: $83 billion in trading volume and over 500,000 traders since launch a few months ago.

The details

Other investors in the round are Baillie Gifford, Stripes, Andreessen Horowitz, Coatue, Layer Global, Morgan Stanley Investment Management, Sequoia Global Equities, CapitalG, Hudson River Trading and Balyasny Asset Management.

Kalshi says about 500 entities were active on the exchange in September, and entities other than market makers made up about 25% of trading volume. It plans to launch indices, single-stock perpetual futures and compute markets, and is working with S&P on indices built on prediction markets. It says it will also invest in institutional sales and in expansion in Latin America and Europe.

The post does not say what share of revenue still comes from sports contracts, how the 75% market share is measured, or how the new products will be regulated in the new markets.

The big picture

The round follows a lawsuit and a league deal. Utah sued Kalshi on 20 October to stop it operating in the state, while Kalshi says it answers to federal law alone. The NBA named Kalshi and Polymarket as its preferred prediction market exchanges on 26 October.