October 30, 2026 – Kalshi has raised $1 billion at a $40 billion post-money valuation. The prediction market company is now worth twenty times what it was in mid-2025.
In Summary
Kalshi raised a $1 billion Series G at a $40 billion valuation, co-led by Wellington and Sequoia.
Its valuation has climbed twentyfold since June 2025, when it was worth $2 billion.
Kalshi says annualized non-sports revenue now tops $1 billion and trading volume exceeds $1 trillion.
Fresh money will fund indices, single-stock perpetuals, compute markets and expansion in Latin America and Europe.
The Kalshi valuation has almost doubled in less than six months. On Oct. 29, the prediction market company announced a $1 billion Series G at a $40 billion post-money valuation. Wellington and Sequoia co-led the round.
Ten other firms joined the deal. They include Baillie Gifford, Andreessen Horowitz, Coatue, CapitalG, Morgan Stanley Investment Management and Hudson River Trading. Several, such as Sequoia and Andreessen Horowitz, also backed earlier rounds.
How the Kalshi valuation climbed
The pace stands out, even by fintech standards. In June 2025, Kalshi was worth $2 billion. It reached $5 billion in October 2025, per its Series D release.
Two $1 billion rounds followed. The Series E in December 2025 valued Kalshi at $11 billion. Then, the Series F in May 2026 lifted it to $22 billion.
As a result, the latest price marks a twentyfold gain in about 16 months. Across those five rounds, Kalshi raised about $3.5 billion, based on Catenaa calculations.
The numbers behind the price
Kalshi backed the new price with fresh growth figures. It says annualized non-sports revenue now tops $1 billion. Moreover, overall annualized trading volume exceeds $1 trillion.
Crypto alone accounts for about $140 billion of annualized volume. Meanwhile, Kalshi says traders have done $83 billion in perpetual futures, or perps, since launch a few months ago.
Newer lines are scaling quickly too. Commodities passed $100 million in annualized trading fees in about three months. Similarly, international retail is nearing $100 million in annualized fees, one year after launching in more than 140 countries.
A market leader, by a wide margin
Kalshi claims more than 75% of prediction market trading volume. Outside data from DefiLlama support a wide lead. Its tracked Kalshi volume reached $15.5 billion in October through Oct. 29. That compares with $5.6 billion for Polymarket over the same days.
A year earlier, in October 2025, Kalshi’s tracked volume was just $2.0 billion for the full month. So even before this month ends, volume is up about 7.8 times, based on Catenaa calculations.
The user base keeps widening as well. Kalshi reports more than 30 million accounts and over 500,000 perps traders. In September, about 500 big firms traded on the exchange. Leaving out market makers, such firms made up about a quarter of all volume.
Where the money goes
So what will the new cash pay for? Kalshi plans to spend it on prediction markets, institutional sales and new products. Its roadmap includes indices built with S&P, single-stock perpetual futures and markets for computing power. It also plans to grow in Latin America and Europe. Partners already include Interactive Brokers, Nasdaq, Stripe, PayPal and Block.
For investors, the bet is clear, and so is the risk. At $40 billion, the Kalshi valuation already prices in years of fast growth. Kalshi wants to become a full exchange, not just a betting venue. Therefore, the next test is whether new products can sustain growth once election and sports cycles cool. Read more fintech coverage on Catenaa’s global markets desk.
