Kalshi’s valuation hits $40bn as it builds beyond betting

Morgan Stanley Investment Management & Andreessen Horowitz joined the round as states keep fighting Kalshi’s sports contracts in court.

The hit

Kalshi has raised another $1bn, according to DeFi Rate. The Series G, announced Thursday, values the company at $40bn post-money, nearly double the $22bn price set by a prior $1bn round just over five months ago.

Why it matters

The raise pulls in traditional finance names, broadening Kalshi beyond its political & sports betting base. Fresh capital funds prediction-market growth, institutional adoption, international expansion & products including indices, single-stock perpetuals & compute-price markets, a roadmap moving Kalshi toward conventional financial markets. For traders, it signals Kalshi wants to be judged as a financial platform, not just an election-odds shop.

The record

Series G valuation	$40bn post-money, led by Wellington Management & Sequoia Capital
Prior valuation	Up nearly 82% from May’s $22bn
Also in the round	Andreessen Horowitz, Baillie Gifford, Balyasny, CapitalG, Coatue, Hudson River Trading, Morgan Stanley Investment Management
CEO comment	Tarek Mansour told the New York Times funding builds out the product roadmap
Legal backdrop	States challenging Kalshi’s sports contracts, with a Supreme Court appearance reportedly imminent

What happens next

CNBC reported that leveraged event contracts are also part of Kalshi’s planned expansion, described as future ambitions rather than confirmed products. The New York Times reported this round is widely expected to be Kalshi’s last before an IPO, though Mansour declined to confirm timing.

Sources: Kalshi Raises $1B at $40B Valuation, Eyes New Markets

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