Kalshi Closes $1 Billion Series G at $40 Billion Valuation With Trading Volume Over $1 Trillion

Kalshi has completed a $1 billion Series G funding round at a $40 billion post-money valuation. Wellington Management and Sequoia Capital co-led the round. Participants included Baillie Gifford, Andreessen Horowitz, Tiger Global Management, Dragoneer Investment Group and others.

The valuation nearly doubled from the $22 billion attached to the prior $1 billion round in May. Earlier marks stood at $5 billion in October 2025 and $11 billion in December 2025.

Surging Volumes Across Asset Classes

Annualized trading volume across the exchange now exceeds $1 trillion. The platform holds more than 30 million accounts and represents over 75% of prediction market trading volume. Non-sports operations generate more than $1 billion in annualized revenue.

Crypto trading volume reached an annualized $140 billion. Political markets exceeded $8 billion in annualized trading volume. Commodities generated more than $100 million in annualized trading fees within three months of launch. The perpetual futures business, introduced months ago, produced $83 billion in trading volume and drew more than 500,000 traders. International retail operations approach $100 million in annualized trading fees one year after rollout across more than 140 countries.

Institutional participants accounted for roughly 25% of total exchange trading volume in September, when approximately 500 entities were active. Kalshi maintains partnerships with Interactive Brokers, Cantor Fitzgerald, Nasdaq, Stripe and others. The company plans further products in indices, single-stock perpetual futures and markets tied to computing power costs. It recently partnered with S&P on indices linked to prediction markets.

Regulatory Pushback Accompanies Growth

The raise coincides with legal disputes in multiple states. Utah filed criminal charges against the company and co-founders Tarek Mansour and Luana Lopes Lara one day before the announcement, alleging promotion of illegal gambling. Kalshi maintains that its contracts are regulated by the CFTC rather than state gambling laws. The CFTC has asked a federal court to halt Utah's separate civil enforcement action.

Mansour has stated that an IPO would not be considered seriously before 2027. "A company of our financial profile with the rate of growth that we're seeing, that sort of conversation has to happen," he said on CNBC's "Squawk Box."

As reported by World Casino News, the capital will support institutional product development, leveraged event contracts and international growth with Latin America and Europe as priority regions. The longer-term aim is operation as a diversified financial exchange starting from prediction markets.