Kalshi’s valuation up nearly 82% in 5 months to $40bn
The deal lands days after Utah charged Kalshi & two executives with illegally promoting online gambling.
The hit
Kalshi has raised $1bn at a $40bn valuation, the company said on Thursday, as it expands beyond prediction markets into a multi-asset trading platform. The round pits the New York-based startup against exchange heavyweights CME Group & Intercontinental Exchange, according to Reuters.
Why it matters
The raise shows investors backing Kalshi’s shift from election & sports contracts into perpetual futures, a leveraged product with no expiry date. That expansion puts Kalshi on a collision course with regulated exchanges & keeps it in the path of critics who argue its contracts resemble gambling, not trading.
The record
| New valuation | $40bn (Kalshi) |
|---|---|
| Amount raised | $1bn, co-led by Sequoia & Wellington, with Tiger Global & Dragoneer joining (source familiar with the matter) |
| Previous round | $1bn raised just over 5 months earlier at a $22bn valuation, led by Coatue |
| Valuation rise | Up nearly 82% since the prior round |
| Criminal charges | Utah’s attorney general charged Kalshi & two senior executives this week over alleged illegal gambling promotion |
What happens next
Watch how Kalshi’s perpetual futures push, approved by the Commodity Futures Trading Commission, fares against Utah’s criminal case & scrutiny of rival Polymarket’s own CFTC probe.
Sources: Kalshi raises $1 billion at $40 billion valuation as it expands beyond prediction markets
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