Kalshi Completes $1 Billion Series G at $40 Billion Valuation With Annualized Volume Exceeding $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 rose from the $22 billion attached to the prior $1 billion round in May, up from $11 billion in December 2025 and $5 billion in October 2025. According to World Casino News, the proceeds will support exchange development spanning prediction markets, institutional products and international expansion.

Surging Volumes Across Asset Classes

Annualized trading volume across the business 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. Commodities produced more than $100 million in annualized trading fees within three months. Crypto trading volume reached an annualized $140 billion. Political markets exceeded $8 billion in annualized trading volume.

The perpetual futures business, launched months ago, generated $83 billion in trading volume and attracted more than 500,000 traders. The international retail business is approaching $100 million in annualized trading fees one year after launch across more than 140 countries. In September approximately 500 entities were active, with institutional participants accounting for roughly 25% of total exchange trading volume excluding market makers.

Regulatory Disputes Shadow Expansion

The round arrives while Kalshi faces criminal charges filed by Utah against the company and co-founders Tarek Mansour and Luana Lopes Lara. The allegations center on promotion of illegal gambling. Kalshi maintains that its contracts fall under CFTC regulation rather than state gambling laws. The CFTC has asked a federal court to halt Utah’s separate civil enforcement case.

CEO Tarek Mansour said on CNBC’s “Squawk Box”: “A company of our financial profile with the rate of growth that we’re seeing, that sort of conversation has to happen.” Mansour has previously discussed an eventual public listing but not before 2027. Despite the disputes Kalshi continues to target Latin America and Europe for growth and plans to operate as a diversified financial exchange.