Wellington Management and Sequoia Capital co-led a $1bn Series G in Kalshi, valuing the prediction market operator at $40bn post-money. The round included Baillie Gifford, Andreessen Horowitz, Coatue, and Morgan Stanley. Kalshi reported over $1tn annualised trading volume, 30m+ accounts, and $1bn+ non-sports revenue.
Commodities and perpetual futures are growing fast, with international retail fees nearing $100m. The company plans expansion into indices, single-stock futures, and global markets. Despite legal challenges—including criminal charges in Utah and Arizona—investors remain bullish.
Kalshi’s valuation surged from $5bn in Oct 2025 to $40bn now.
Source: PE Insights · Summarized by HeadlinesBriefing