Kalshi Announces $1B Series G, Lifting Post-Money Value to $40B

Kalshi announced a $1 billion Series G funding round at a $40 billion post-money valuation on October 29, 2026, co-led by Wellington and Sequoia, in a post on the company’s newsroom. The prediction-market operator said the capital will go toward growing its exchange, developing new assets, and expanding access around the world.

Ten co-investors joined Wellington and Sequoia in the round: Baillie Gifford, Stripes, Andreessen Horowitz, Coatue, Layer Global, Morgan Stanley Investment Management, Sequoia Global Equities, CapitalG, Hudson River Trading, and Balyasny Asset Management.

Kalshi framed the raise as accelerating its long-term vision of “building the next-generation financial exchange,” one that gives individuals, businesses, and institutions more direct ways to understand the world, act on their beliefs, and manage risk. The company said it was founded on the belief that the ability to price uncertainty and trade on the future should be available to everyone. Prediction markets, it said, were the starting point: they turn a question about the world into a tradable market, with a price that reflects what people think will happen, and they remain central to its mission.

In the announcement, the company said the forces shaping people’s lives are constantly changing, citing elections that reshape industries, interest rates that affect the cost of a home, weather that determines a harvest, and advances in artificial intelligence that change demand for energy and compute. Kalshi said financial markets should help people make sense of those forces and manage their exposure to them, and that doing so too often requires finding an imperfect proxy or accessing sophisticated products available to a small set of institutions.

The company said a next-generation exchange should serve more of the risks people actually face. For an individual, that could mean trading directly on an economic forecast; for a business, hedging exposure to a policy decision or weather event; for an institution, incorporating new sources of information and new instruments into a portfolio.

Growth Across the Business

Kalshi said it now has more than $1 billion in non-sports annualized revenue and that its overall annualized trading volume exceeds $1 trillion. More than 30 million Kalshi accounts have been created, and the company said it accounts for over 75% of prediction-market trading volume.

The company said sports brought millions of people to the platform and helped establish deep liquidity, and that it is now extending those network effects into politics, crypto, economics, commodities, and perpetual futures.

Breaking down the newer segments, Kalshi said commodities has grown into a business generating more than $100 million in annualized trading fees in three months. The company said crypto trading volume has reached $140 billion annualized and politics trading volume has passed $8 billion annualized.

One year after launching in more than 140 countries, Kalshi said its international retail business is approaching $100 million in annualized trading fees. The company also said its perpetual futures business, launched a few months before the announcement, has reached $83 billion in trading volume and more than 500,000 traders.

Institutional Adoption and Partnerships

Kalshi said institutional adoption on the exchange is growing as well. In September 2026, approximately 500 entities were active on Kalshi, and entities excluding market makers represented approximately 25% of total exchange trading volume, according to the company.

The announcement listed Kalshi’s partnership ecosystem as Interactive Brokers, Marex, Clear Street, Cantor Fitzgerald, S&P, Nasdaq, Stripe, Public.com, Plus500, Wealthsimple, Alpaca, PayPal, and Block. Kalshi said those relationships are helping it reach more participants and build the infrastructure for its next stage of growth.

Kalshi also said it recently announced a partnership with S&P under which the two companies will work together to build indices on prediction markets.

Planned Uses of Capital

Kalshi said it will accelerate its prediction-market growth, grow institutional adoption, and launch new products including indices, single-stock perpetual futures, and compute markets. The company said each of those products expands the ways people can express a view or manage a specific exposure, giving the direction of an equity benchmark and the future cost of computing power as examples.

The company said it will also invest in institutional sales, distribution, and product development to support hedge funds, proprietary trading firms, financial institutions, and other sophisticated participants. Serving those firms requires reliable infrastructure, deeper liquidity, and products designed around their needs, Kalshi said.

Kalshi said its international expansion investment will focus on Latin America and Europe.