Following a $1bn Series G funding round led by Wellington and Sequoia – alongside 10 co-investors – Kalshi has unveiled a $40bn post-money valuation, as well as filed a lawsuit against Missouri regulators on October 29.
Kalshi underwent funding rounds at the conclusion of 2025 and in the spring of 2026, eventually generating a $22bn valuation prior to the latest results.
Latest valuation ‘accelerates’ Kalshi’s long-term vision
Additional investors who took part in Kalshi’s latest funding round includes Baillie Gifford, Stripes, Andreessen Horowitz, Coatue, Layer Global, Morgan Stanley Investment Management, Sequoia Global Equities, CapitalG, Hudson River Trading and Balyasny Asset Management.
“This funding accelerates our long-term vision: building the next-generation financial exchange. An exchange that gives individuals, businesses and institutions more direct ways to understand the world, act on their beliefs and manage risk,” Kalshi said.
“Prediction markets were our starting point. They made it possible to turn a question about the world into a tradable market, with a price that reflects what people think will happen. They remain central to our mission, and they’ve built the foundation for a much broader exchange.”
Annualized trading across Kalshi’s prediction market exchanges have surpassed $1tn in volume, while the operator has tracked the opening of over 30 million accounts since launch.
The $40bn valuation also places Kalshi well above fellow prediction market operators such as Polymarket and Crypto.com, which previously unveiled respective valuations of between $12-15bn and $20bn.
“We’ll accelerate our prediction market growth, grow institutional adoption, launch new products like indices, single-stock perpetual futures and compute markets. We’ll invest in institutional sales, distribution and product development to support hedge funds, proprietary trading firms, financial institutions and other sophisticated participants.” Kalshi continued.
“Serving these firms requires reliable infrastructure, deeper liquidity and products designed around their needs. We’ll also invest in international expansion, with a focus on Latin America and Europe.”
Kalshi joins Crypto.com, Novig in fight against Missouri
On October 29, Kalshi also filed a lawsuit against the Missouri Gaming Commission and several state officials, claiming only the Commodity Futures Trading Commission (CFTC) maintains authority to regulate its prediction markets.
In September, Missouri Attorney General Catherine Hanaway issued cease-and-desist orders to six prediction market operators offering sports event contracts, including Polymarket, Kalshi, Crypto.com, Novig, Underdog and Robinhood.
“The supremacy clause does not tolerate that result,” Kalshi claimed in the lawsuit.
“Ceasing operations would place Kalshi in tension with, and could jeopardize its compliance with, the CFTC’s impartial access requirement, which requires a designated contract market to provide its members and other eligible participants with impartial access to its markets and services, among other things.”
Crypto.com and Novig also responded to the cease-and-desist orders with lawsuits filed against Missouri regulators, having been given 30 days to stop offering sports event contracts to residents or obtain state licensing and pay the 10% wagering tax.
The latest news in Missouri follows Kalshi’s legal struggles in Utah, where the state became just the second US jurisdiction to file criminal charges against the operator on October 28.
The NBA unveiled partnerships with Kalshi and Polymarket on October 26, naming both as its preferred platforms and granting them access to official league data and intellectual property rights
