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Kalshi raises $1 billion at $40 billion valuation
CNBC reports prediction-market operator Kalshi completed a $1 billion round co-led by Sequoia Capital and Wellington Management, valuing the company at $40 billion.
- New headline Was: “Kalshi valuation jumps to $40 billion in latest funding round”
- Our desk filed its story
Prediction-market operator Kalshi completed a $1 billion funding round that values the company at $40 billion, the company announced Thursday, CNBC reported1.
The round was co-led by Sequoia Capital and Wellington Management, according to CNBC1. Kalshi’s previous round, completed in May, valued the company at $22 billion1. In October 2025 it was valued at $5 billion, the report said1.
CNBC said growth since May has been driven by the 2026 FIFA World Cup, the NFL season — including combo contracts similar to parlays — and increased trading on election markets ahead of the U.S. midterms1.
The company has also faced legal challenges over sports-related event contracts, CNBC reported1. Two U.S. appeals courts, in August and September, ruled that states have the power to regulate those contracts, while Kalshi and other platforms argue the federal government has that authority1. CNBC said a Supreme Court case will likely resolve the split, noting a third appeals court has ruled in favor of the federal argument1.
In late May Kalshi announced perpetual futures as its first non-prediction-market product, saying it was the first exchange to bring that crypto-style trade to the United States, according to CNBC1.
In a blog post about the round, Kalshi said prediction markets were a starting point for a broader financial exchange, CNBC reported1. It said it would use the funds to develop leveraged event contracts, perpetual futures tied to individual stocks and markets to trade on the price of compute, and to keep investing in its institutional business1. In September Kalshi said it worked with 500 institutional entities and that, excluding market makers, those clients represented 25% of trading volume, according to the report1.
On CNBC’s “Squawk Box” in June, chief executive Tarek Mansour said the company was considering going public, though not until 2027, the report said1.
CNBC said it has a commercial relationship with Kalshi that includes customer acquisition and a minority investment1.
