Kalshi raises $1 billion at a $40 billion valuation, up from $22 billion in May

On Thursday, October 29, Kalshi announced a $1 billion Series G at a $40 billion post-money valuation. In May, the company was valued at $22 billion, so its valuation is up about 82% in roughly five months, as Reuters also reported.

Who's in. Sequoia and Wellington co-led the round. Kalshi says Baillie Gifford, Stripes, Andreessen Horowitz, Coatue, Layer Global, Morgan Stanley Investment Management, Sequoia Global Equities, CapitalG, Hudson River Trading and Balyasny Asset Management also took part.

What Kalshi says about itself. These are the company's own figures, not independently verified:

• More than $1 trillion in annualized trading volume across the business.
• More than $1 billion in annualized revenue from non-sports markets.
• Over 30 million accounts created.
• Over 75% of all prediction-market trading volume.
• About 500 institutions active on Kalshi in September.

Where the money goes. Kalshi says it will grow its prediction markets and its institutional business, and launch new products: indices (built with S&P), single-stock perpetual futures and "compute markets," which would let traders bet on the future cost of computing power. It also plans to expand in Latin America and Europe.

The catch. The growth numbers come from Kalshi. Legal fights continue: CNBC reports that two U.S. appeals courts ruled in August and September that states can regulate sports event contracts, a third ruled the other way, and the Supreme Court will likely settle it. The Times also reports that sports are still about 80% of Kalshi's volume. The New York Times reports this is expected to be Kalshi's last round before an IPO. CEO Tarek Mansour did not give a timeline.

Our take. For AI watchers, the interesting part is compute markets. If they launch, the price of GPU time could become something you can trade on, not just something you pay for. MODEL has not used Kalshi's products. This summary is based on Kalshi's announcement and reporting by CNBC, Reuters and The New York Times, read October 30, 2026. This is not investment advice.