Kalshi Raises $1B at a $40B Valuation as Prediction Market Fees Soar
Wellington and Sequoia co-led the Series G, and Kalshi plans to spend the money on new markets like indices, single-stock perps and compute.
Prediction market Kalshi raised $1B at a $40B valuation in a round co-led by Wellington and Sequoia, joined by a16z, Coatue and Morgan Stanley Investment Management, among others.
What's the Scoop?
The Numbers: Kalshi says its annualized trading volume now tops $1T, it has opened more than 30M accounts and it handles over 75% of prediction market volume. Its perpetual futures (bets on an asset's price that never expire) did $83B in volume within a few months of launch.
The Plan: The money will fund new products like indices, single-stock perps and compute markets, plus a bigger push to win institutional traders and expand into Latin America and Europe.
Zooming Out: The raise lands as prediction markets boom. Investment firm 1kx estimates the sector's fees topped $1.5B in Q3, up 19x from a year earlier, with Kalshi and Polymarket responsible for the bulk. On Oct. 30, the 76ers became the first NBA team to partner with Kalshi, days after the league named Kalshi and Polymarket its preferred prediction markets.
David Christopher
David is a writer/analyst at Bankless. Prior to joining Bankless, he worked for a series of early-stage crypto startups and on grants from the Ethereum, Solana, and Urbit Foundations. He graduated from Skidmore College in New York. He currently lives in the Midwest and enjoys NFTs, but no longer participates in them.
