Kalshi's $40 Billion Series G Prices About 82% Above May's $22 Billion Series F

Kalshi, a prediction-market platform, said on 29 October 2026 that it had announced a $1 billion Series G round at a $40 billion post-money valuation. Wellington Management and Sequoia Capital co-led the round, according to the company's announcement.

The valuation is about 82% above the $22 billion set in a $1 billion Series F in May, according to FinanceFeeds, which covered the round on 30 October.

A Round Priced Well Above May's Mark

The announcement lists ten co-investors alongside the two leads: Baillie Gifford, Stripes, Andreessen Horowitz, Coatue, Layer Global, Morgan Stanley Investment Management, Sequoia Global Equities, CapitalG, Hudson River Trading and Balyasny Asset Management. The announcement quotes no named executive or investor.

Other reporting pointed the same way. A story carried by The Defiant under a Reuters headline said Kalshi was in advanced talks on about $1 billion at about $40 billion, with Sequoia and Wellington reportedly leading. The Block reported that Kalshi's latest SEC Form D showed about $1.12 billion raised since April. It said that total may include the May round, and that it had reached out to Kalshi for further information on the filing.

The Company Metrics Behind the Valuation

The announcement reports more than $1 billion in annualized revenue from non-sports markets and more than $1 trillion in annualized trading volume. It also cites over 30 million accounts created and more than 75% of prediction-market trading volume. FinanceFeeds notes that these figures are company-reported operating metrics rather than a full financial disclosure, and that the company has not provided profitability figures alongside the funding announcement.

By category, the company gives $140 billion in annualized crypto volume, over $8 billion in political-market volume, and over $100 million in annualized commodity trading fees within about three months. Perpetual futures have reached $83 billion in cumulative volume and more than 500,000 traders since launch. About 500 institutional entities were active in September, and non-market-maker entities accounted for about 25% of exchange volume.

The company says the new money will fund institutional sales and distribution, new products including indices, single-stock perpetual futures and compute markets, and international expansion with a focus on Latin America and Europe.

Open Disputes Sit Alongside the Round

FinanceFeeds lists several disputes that were open as of its 30 October report. New York filed suit on 31 July seeking to bar Kalshi's event contracts nationwide and requesting more than $36 billion in damages. On 11 August the Commodity Futures Trading Commission used emergency authority to order Kalshi to keep operating under the Commodity Exchange Act's Core Principles. The jurisdictional dispute is unresolved.

Utah filed a civil suit on 20 October against Kalshi and two Susquehanna trading firms. The CFTC sued Utah on 26 October. On 28 October, Utah filed 14 criminal charges against the company and two of its co-founders. No convictions have been reported.

Courts have also split. The Sixth Circuit ruled against Kalshi in its Ohio and Tennessee disputes, while the Third Circuit ruled in its favor against New Jersey, which FinanceFeeds says raises the possibility of Supreme Court involvement.

What Founders Raising Now Should Take From It

Investors put $1 billion into a company whose event contracts face active legal challenges, and the valuation rose from $22 billion in May to $40 billion. The valuation rose while disputes over those contracts remained open.

The growth figures cited with the round are the company's own. The revenue figure is annualized and covers non-sports markets only.

The announcement names product launches, institutional growth and international expansion as its next steps and does not mention an IPO. The regulatory disputes described above were still open in FinanceFeeds' 30 October report.