Kalshi raises $1B at a $40B valuation in its Series G funding round

Kalshi raises $1B at a $40B valuation. The New York-based prediction market platform announced a $1 billion Series G on 29 October 2026 at a $40 billion post-money valuation, co-led by Sequoia and Wellington. The round follows a $1 billion Series F in May 2026 that valued the company at $22 billion. The new mark is roughly 82% higher. Participants named by the company include Baillie Gifford, Stripes, Andreessen Horowitz, Coatue, Layer Global, Morgan Stanley Investment Management, Sequoia Global Equities, CapitalG, Hudson River Trading and Balyasny Asset Management. Reuters reported that Tiger Global and Dragoneer also took part. Kalshi is expanding beyond event contracts into perpetual futures, equity indexes, metals and compute markets. It says annualized trading volume now exceeds $1 trillion, with more than 30 million accounts and more than 75% of prediction market volume. Non-sports annualized revenue is above $1 billion. Commodities generated more than $100 million in annualized trading fees in three months. Crypto volume reached $140 billion annualized and politics volume exceeded $8 billion annualized. The company plans to use the capital to grow the exchange, develop new assets, expand institutional adoption and launch products including indices, single-stock perpetual futures and compute markets. It has also signaled interest in international expansion, including Latin America and Europe. Kalshi has not published the exact split between primary capital and any secondary sales or the fee structure that will apply to the new products. Those details would show the economics of the expansion. For traders the practical change is a larger capital base supporting a wider set of contracts. The value depends on whether the new products generate volume outside sports and elections and whether regulatory hurdles remain manageable. The raise is framed as building a multi-asset exchange and does not include any announced MENA-specific partnership or license. Other prediction platforms operate globally. Kalshi pairs a large US regulated base with rapid product expansion. The company has not published a breakdown of its user base by region or any active discussions with regulators in the Gulf or wider MENA. It has not published the share of volume that currently comes from outside the United States. In September it said it worked with 500 institutional entities that accounted for about 25% of volume excluding market makers. The announcement does not list the specific interchange or fee rates for the new perpetual and index products. Those figures would show the commercial starting points. Without them the expansion remains a product roadmap rather than a fully costed exchange offering. Utah filed criminal charges against the company and its co-founders over sports contracts in October 2026. If Kalshi publish volume from the new products, institutional client growth and any international licenses within the next six months, the round has a measurable follow-through. If the next update is only a restatement of the $40 billion valuation, the change for the market remains the same as the initial announcement. The figures missing are product-level fees and regional volume. The raise is one step in a sequence of large rounds for the company. Prior rounds included $300 million at a $5 billion valuation in October 2025 and $1 billion at $11 billion in December 2025. The company is the first US federally regulated exchange for trading on event outcomes. Co-founders are Tarek Mansour and Luana Lopes Lara. The Commodity Futures Trading Commission approved perpetual futures products in 2026. Total funding across recent rounds exceeds $3 billion. The company competes with traditional exchanges such as CME Group and Intercontinental Exchange. Sports contracts remain a major volume driver.