Kalshi confirmed a $1 billion Series G funding round on 29 October at a $40 billion post-money valuation, co-led by Wellington and Sequoia. That compares with a $22 billion valuation for its $1 billion Series F announced on 7 May. The valuation step-up is about 81.8%, but valuation is a negotiated capital-raising price, not audited revenue, exchange profit or a quote at which ordinary users can sell shares.[1][2]
The exchange's own update now describes a business extending beyond prediction markets into commodities, crypto, perpetual futures and other financial risks. Kalshi said annualised volume across the business had exceeded $1 trillion and annualised revenue from non-sports activity exceeded $1 billion. Both metrics are run rates; neither should be presented as the completed calendar-year revenue of a publicly audited group.[1]
Growth claims with different denominators
Distinct financial measures
| Measure | Reported amount | How to read it |
|---|---|---|
| Series G financing | US$1bn | New private investmentSource 1 |
| Post-money valuation | US$40bn | Agreed equity valuation, not salesSource 1 |
| Prior Series F valuation | US$22bn | May 2026 funding comparatorSource 1 |
| Annualised trading volume | >US$1tn | Run rate, not audited calendar-year volumeSource 1 |
| Perpetual-futures volume | US$83bn | Cumulative since launch, different periodSource 1 |
Kalshi reported more than 30 million accounts created, more than 75% share of prediction-market trading volume, $140 billion of annualised crypto trading volume and more than $100 million of annualised commodities trading fees. Its perpetual-futures operation had recorded $83 billion of cumulative trading volume since launch a few months earlier, with more than 500,000 traders. Annualised and cumulative figures cannot be added into one total.[1]
The company's September institutional figures have another boundary: roughly 500 entities were active, and entities excluding market makers accounted for approximately 25% of total exchange trading volume. That is a specific month and participant definition, not proof that one-quarter of all business throughout 2026 was generated by institutional investors.[1]
Capital for the next product expansion
The capital is intended to accelerate new products, distribution and international growth. Kalshi mentions single-stock perpetuals, indices and compute markets as planned areas. Naming them in a funding announcement does not itself demonstrate completed regulatory approvals, live listings or the suitability of the products for every account. Perpetual derivatives can create financing, leverage and liquidation exposures unlike fixed-payout event contracts.[1][3]
The funding announcement sets a new valuation reference as Kalshi expands beyond its original event-contract business. Its reported operating metrics remain company figures with different periods and definitions. The product-launch timetable and subsequent financial disclosures will show how the new capital translates into that expansion.[1]
Sources & further reading
- Building the next-generation financial exchange: Series G announcement Kalshi · 29 Oct 2026 · Accessed 30 Oct 2026
- Kalshi Series F at a $22 billion valuation Kalshi · 7 May 2026 · Accessed 30 Oct 2026
- Kalshi raises $1 billion at $40 billion valuation Reuters · 29 Oct 2026 · Accessed 30 Oct 2026