Kalshi raises $1B at $40B valuation as non-sports revenue run rate tops $1B
Prediction market platform Kalshi has closed a $1 billion funding round at a $40 billion valuation, expanding beyond sports betting into financial markets.
The Series G round was first reported in September when Kalshi was seeking $1 billion at the same valuation, with Thursday's announcement confirming the completion. The company was previously valued at $22 billion in May during its $1 billion Series F funding round led by Coatue Management, when it reported an annualized revenue run rate exceeding $1.5 billion.
Revenue growth
Kalshi's non-sports markets now generate more than $1 billion in annualized revenue, according to The Wall Street Journal. The platform recorded approximately $15.8 billion in trading volume over the past 30 days, according to DefiLlama data.
Legal challenges
Despite mounting legal challenges across the US, Kalshi has continued to expand its partnerships. The NBA named Kalshi and Polymarket preferred prediction market exchanges, while S&P Dow Jones Indices partnered with Kalshi to bring its financial benchmarks to event contracts.
The agreements come amid a legal dispute over whether Kalshi's sports contracts are subject to state gambling laws or federal derivatives regulation. Utah sued the company last week, prompting a separate lawsuit from the US Commodity Futures Trading Commission (CFTC) on Tuesday seeking to block state enforcement.
On Wednesday, Utah escalated the dispute by filing criminal charges against Kalshi and its co-founders, according to a Reuters' report.
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