Kalshi has raised $1 billion at a $40 billion valuation and is branching out from prediction markets, CNBC reported. The new products it plans to fund include single-stock perps, leveraged versions of its event contracts and a market for trading compute prices. Sequoia Capital and Wellington Management reportedly co-led the round.
Tiger Global Management and Dragoneer Investment Group also invested, Reuters reported, citing a person familiar with the matter.
The new mark is up from the $22 billion valuation Kalshi announced in May, when Coatue led a $1 billion Series F. In October 2025, a $300 million Series D co-led by Andreessen Horowitz and Sequoia valued the company at $5 billion. In December 2025, Kalshi raised a $1 billion Series E led by Paradigm at an $11 billion valuation.
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Where the Money Goes
Kalshi called event contracts a starting point, CNBC reported, citing the company’s announcement. Beyond the new products, it reportedly said part of the money will go to its institutional business. Kalshi put its institutional client count at 500 in September, saying those clients accounted for a quarter of its volume when market makers are left out. Kalshi did not immediately respond to a request for comment from Unchained.
Perpetual futures were Kalshi’s first product outside prediction markets. It announced them in late May and, after CFTC approval, started with crypto before adding equity indexes and metals. Bitcoin and ether held at BitGo will also back perps margin loans for some Kalshi Prime clients.
A multi-asset Kalshi would compete more directly with CME Group and Intercontinental Exchange, which owns the New York Stock Exchange.
From Talks to a Close
Sequoia and Wellington were reportedly in advanced talks over a round of at least $750 million at the same valuation in August. In June, CEO Tarek Mansour said Kalshi was weighing a public listing, though not before 2027. “A company of our financial profile with the rate of growth that we’re seeing, that sort of conversation has to happen,” he said on CNBC’s “Squawk Box.”
The raise comes a day after Utah’s attorney general brought criminal charges against Kalshi, listing Mansour and co-founder Luana Lopes Lara as co-defendants and alleging the company illegally promoted online gambling. Kalshi has argued that federal law, not state gambling rules, governs its contracts, and the CFTC has asked a federal judge to halt Utah’s civil case against the company.
Related Listen: Why Kalshi Chose Crypto Perps for Its First Move Beyond Prediction Markets
