Kalshi raises $1 billion at $40 billion valuation in the same week as Utah criminal charges
The prediction-market exchange's Series G was co-led by Wellington and Sequoia. Kalshi wants to become a multi-asset exchange with single-stock perpetuals and compute markets.
TL;DR
- Kalshi announced a $1 billion Series G at a $40 billion post-money valuation on Oct. 29, 2026, co-led by Wellington and Sequoia.
- The valuation is up from $22 billion in May 2026 and $5 billion in October 2025, according to CNBC.
- Kalshi says it has over $1 billion in non-sports annualized revenue, annualized trading volume above $1 trillion and over 75% of prediction market trading volume.
- The money goes to indices, single-stock perpetual futures, compute markets, institutional sales and expansion in Latin America and Europe.
Criminal charges in one state did not scare off the investors. Kalshi announced a $1 billion Series G at a $40 billion post-money valuation on Oct. 29, 2026, co-led by Wellington and Sequoia, the company said in a blog post.
The round landed the same week Utah's attorney general brought criminal charges against Kalshi and two senior executives, accusing the company of illegally promoting online gambling, Reuters reported.
Who is in
Joining the co-leads, per Kalshi: Baillie Gifford, Stripes, Andreessen Horowitz, Coatue, Layer Global, Morgan Stanley Investment Management, Sequoia Global Equities, CapitalG, Hudson River Trading and Balyasny Asset Management. Tiger Global Management and Dragoneer Investment Group also took part, a source told Reuters.
The valuation was $22 billion in May and only $5 billion in October 2025, CNBC reported. Reuters calculated a rise of nearly 82% in just over five months.
The numbers Kalshi is selling
- Over $1 billion in non-sports annualized revenue.
- Annualized trading volume above $1 trillion.
- Over 30 million accounts created and over 75% of prediction market trading volume.
- Crypto trading volume of $140 billion annualized; perpetual futures at $83 billion in volume and over 500,000 traders since launch.
- About 500 entities active in September; entities excluding market makers made up about 25% of volume.
All figures are Kalshi's own and were not independently verified.
From event contracts to exchange
"Prediction markets were our starting point," Kalshi wrote. The company plans indices, single-stock perpetual futures and compute markets, more institutional sales, and international expansion "with a focus on Latin America and Europe." Reuters said the push pits Kalshi against CME Group and NYSE parent Intercontinental Exchange.
Legal risk remains. Two U.S. appeals courts ruled in August and September that states can regulate sports-related event contracts, while a third sided with the federal view, and a Supreme Court case will likely settle the dispute, CNBC reported.
What it means for Web3 teams – Analysis
Capital is betting that regulated, onshore venues win the market for "trade on anything," including crypto perps. For crypto projects, that means distribution increasingly runs through licensed exchanges and their compliance rules, not just DEX listings. This is not investment advice.
FAQ
How much did Kalshi raise and at what valuation?
$1 billion in a Series G at a $40 billion post-money valuation, announced Oct. 29, 2026.
Who led the round?
Wellington and Sequoia co-led it, with Baillie Gifford, Andreessen Horowitz, Coatue, CapitalG, Hudson River Trading and others participating, per Kalshi.
What will Kalshi do with the money?
Grow prediction markets and institutional adoption, launch indices, single-stock perpetual futures and compute markets, and expand in Latin America and Europe.
What was Kalshi's previous valuation?
$22 billion in May 2026 and $5 billion in October 2025, according to CNBC.
Sources
News summary based on the sources above. Not investment, legal or tax advice. Editorial policy & corrections · Report an error
Building in Web3? Turn the news into trust.
Positioning, KOL programs, LinkedIn systems and claim-safe content for Web3 and fintech teams.
Related
Utah files criminal charges against Kalshi and its founders, days after the CFTC sued the state
Utah's attorney general charged KalshiEX, CEO Tarek Mansour and COO Luana Lopes Lara on Oct. 28, 2026, escalating the state-versus-federal fight over prediction markets.
Amazon swings to $42.4 billion free cash outflow as AWS grows 39% and AI capex hits $220 billion
Amazon posted a record 13.9% operating margin and AWS's fastest growth in nearly five years, but trailing free cash flow turned to a $42.4 billion outflow on AI spending. Shares fell more than 6% after hours.
Microsoft revenue rises 19% to $92.3B as Azure grows 48% to $33.2B
Microsoft's fiscal first quarter, reported Oct. 28, 2026, beat estimates. Azure revenue was disclosed in dollars for the first time, while free cash flow fell 27%.