Kalshi confirmed a $1 billion financing round that sets its valuation at $40 billion, marking a swift increase in market value as the company seeks to broaden its offering beyond event-based contracts into a wider multi-asset trading platform.
The new round was co-led by Sequoia and Wellington. Tiger Global Management and Dragoneer Investment Group also participated, according to a person familiar with the matter. This latest infusion of capital comes just over five months after Kalshi completed a separate $1 billion raise led by Coatue that placed the company at a $22 billion valuation. By that measure, the company’s valuation has climbed by nearly 82% since the prior round.
Originally known for prediction markets tied to outcomes such as sports and elections, Kalshi has moved to position itself alongside traditional exchanges. The firm’s strategic expansion aims to compete more directly with established exchange operators and trading venues.
In 2026 Kalshi expanded its product set into perpetual futures after receiving approval from the Commodity Futures Trading Commission for those products. The company first offered cryptocurrency perpetuals and then broadened the universe of underlying assets to include equity indexes and metals.
Perpetual futures - often referred to as "perps" - are derivative contracts that do not have a set expiration date. That structure allows traders to maintain positions indefinitely without the need to roll contracts periodically. These instruments can be traded with high leverage, a feature that amplifies potential gains as well as losses.
Prediction-market platforms have attracted growing attention since the last U.S. presidential election. Kalshi has increased its share of that market over the past year, overtaking a rival platform, Polymarket, according to data from Dune Analytics. Polymarket, meanwhile, has experienced delays launching its U.S. platform and has been the subject of a Commodity Futures Trading Commission probe.
At the same time, Kalshi faces legal and regulatory headwinds. Earlier this week Utah’s attorney general filed criminal charges against the company and two senior executives, alleging that Kalshi illegally promoted online gambling. Critics of prediction-market platforms argue that certain products resemble gambling and could foster addictive behavior.
Where this matters
- Financial exchanges and trading platforms as Kalshi pursues multi-asset offerings.
- Derivatives markets, given Kalshi's move into perpetual futures across crypto, equity indexes and metals.
- Regulatory and legal spheres, highlighted by criminal charges and prior regulatory probes.