Financial exchange and prediction market pioneer Kalshi has announced a landmark $1 billion Series G funding round at a post-money valuation of $40 billion.
Co-led by Wellington and Sequoia, the financing round attracted participation from an elite group of co-investors, including Baillie Gifford, Stripes, Andreessen Horowitz, Coatue, Layer Global, Morgan Stanley Investment Management, Sequoia Global Equities, CapitalG, Hudson River Trading, and Balyasny Asset Management.
The capital injection is designed to accelerate Kalshi’s long-term vision of establishing a next-generation financial exchange that empowers individuals, businesses, and institutions to price uncertainty, express beliefs, and manage risk directly. Founded on the principle that the ability to trade on future events should be universally accessible, Kalshi has expanded far beyond its prediction market roots into a comprehensive multi-asset trading platform.
Rapid scaling across diverse asset classes
Kalshi’s business has experienced extraordinary expansion across multiple verticals, with annualized trading volume across prediction markets, commodities, crypto, and perpetual futures now exceeding $1 trillion. The platform has amassed over 30 million accounts while maintaining a dominant market share exceeding 75% in prediction trading.
While sports markets initially served as a powerful user acquisition engine, Kalshi has successfully extended those network effects into politics, economics, commodities, and digital assets. Commodities trading has scaled rapidly into a business generating more than $100 million in annualized trading fees within just three months.
Meanwhile, annualized crypto trading volume has reached $140 billion, politics trading volume has exceeded $8 billion annualized, and the newly launched perpetual futures business has recorded $83 billion in trading volume alongside over 500,000 active traders. International retail operations have also flourished, approaching $100 million in annualized fees one year after launching across more than 140 countries.
Deepening institutional adoption
Institutional participation is scaling in parallel with retail growth. In September, approximately 500 corporate entities were active on the exchange, with non-market-maker entities accounting for roughly 25% of total exchange trading volume. Kalshi’s expanding partnership ecosystem, featuring major financial institutions and platforms such as Interactive Brokers, Marex, Clear Street, Cantor Fitzgerald, S&P, Nasdaq, Stripe, Public.com, Plus500, Wealthsimple, Alpaca, PayPal, and Block, continues to build the foundational infrastructure required for institutional-grade operations.
Commenting on the strategic deployment of the new capital, leadership emphasized plans to scale institutional sales, enhance platform reliability, and introduce innovative asset classes. Upcoming product rollouts include financial indices, single-stock perpetual futures, and compute markets, complementing a recent partnership with S&P to construct prediction market indices. Geographically, the company will direct resources toward international expansion, with a primary focus on Europe and Latin America.
