Kalshi raises $1B at $40B valuation as non-sports revenue run rate tops $1B
Summary
Kalshi completed a $1 billion Series G funding round co-led by Wellington Management and Sequoia Capital, valuing the prediction market platform at $40 billion. It says its non-sports markets generate more than $1 billion in annualized revenue; DefiLlama data puts trading volume at about $15.8 billion over the past 30 days. Kalshi has secured partnerships with the NBA and S&P Dow Jones Indices as it expands into financial markets. Its sports contracts face legal challenges over whether they fall under state gambling laws or federal derivatives regulation, including Utah’s lawsuit and criminal charges and a CFTC effort to block state enforcement.
