Kalshi targets $40 billion valuation as perpetual futures hit $5.5 billion volume
Kalshi is targeting a $40 billion valuation in a new funding round, according to CoinDesk, widening its lead over rival Polymarket. The CFTC-regulated prediction market has seen rapid growth as event contracts gain mainstream traction. Separately, Kalshi's perpetual futures contracts surpassed $5.5 billion in cumulative trading volume within two weeks of their May 29, 2026 launch following CFTC approval that day, Binance.com reported, with daily notional volume topping $1.5 billion for the first time on June 21. Kalshi opened perpetual futures trading to the public on June 12, adding 11 tokens. Kalshi CEO Tarek Mansour told CNBC that demand is strong for the product, which crossed $1 billion in volume within its first week.
Kalshi must convert its $5.5 billion two-week perpetual-futures volume into sticky flow before Robinhood's competing perps split its retail base. A court ruling against the CFTC's classification in CME's lawsuit would force Kalshi to restructure the product or exit just as it expands to a dozen altcoins.