Kalshi raises $1 billion at $40 billion valuation, doubling prior mark
Kalshi has raised $1 billion in a Series G funding round announced October 29, 2026. The round values the prediction-market platform at $40 billion, up from $22 billion in May. The round was co-led by Sequoia Capital and Wellington Management, with additional investors including Baillie Gifford, Stripes, Andreessen Horowitz, Coatue, Morgan Stanley Investment Management, and CapitalG. The company plans to expand into single-stock perpetual futures and other exchange products beyond its core event-contract business.
The leap to $40 billion forces every prediction-market competitor to recalibrate their capital-raising math. Polymarket's $21 billion valuation now reads as a discount, and institutional backers will pressure it to close the gap or accept diluted terms. For Robinhood, which routes event-contract volume through partner exchanges rather than owning a license, Kalshi's direct designation becomes a selling point to traders burned by August's interruption.
The expansion into perpetual futures puts Kalshi on a collision course with CME Group and Intercontinental Exchange, not merely with sportsbooks. State attorneys general can no longer frame Kalshi as a fringe operator worth dismissing; a $40 billion platform carries political weight that changes settlement calculus. Founders Mansour and Lopes Lara must manage that scale while defending felony charges in Utah and parallel civil suits, a combination no prediction-market executive has faced before.
Becomes the second major prediction-market funding in under a week after Polymarket's investor pressure for operational upgrades, intensifying the capital race between the two leading CFTC-registered platforms.