Kalshi raises USD 1 billion at a USD 40 billion valuation as it expands into multiple asset classes

Kalshi has raised USD 1 billion in a round co-led by Sequoia and Wellington, valuing the US-based company at USD 40 billion. Tiger Global Management and Dragoneer Investment Group also took part, according to a source familiar with the matter.

The company plans to move beyond the sports and election event contracts that built its business. It aims to develop a trading platform covering multiple asset classes. That strategy puts Kalshi in more direct competition with exchange operators such as CME Group and Intercontinental Exchange, the parent company of the New York Stock Exchange.

Valuation rises after another funding round

The latest round came just over five months after Kalshi raised another USD 1 billion. Led by Coatue, that round valued the company at USD 22 billion. Its valuation has therefore increased by nearly 82% over the period. Together, the two rounds brought USD 2 billion of new capital to Kalshi in roughly half a year.

From event contracts to perpetual futures

The product expansion is already underway. In 2026, after the Commodity Futures Trading Commission (CFTC) approved the products, Kalshi began offering perpetual futures. It first listed cryptocurrency perpetuals, then added equity indexes and metals.

Perpetual contracts, or ‘perps’, do not expire. Traders can keep positions open for as long as they choose, without replacing a contract at expiry. Leverage can significantly increase both profits and losses. These products move Kalshi closer to the instruments found on derivatives exchanges and further from the event contracts on which the company was founded.

Legal scrutiny and market position

The funding comes as prediction markets face legal and public scrutiny. Critics of platforms such as Kalshi and Polymarket argue that their products resemble gambling and could encourage addictive behaviour. In October 2026, Utah’s attorney general brought criminal charges against Kalshi and two senior executives, alleging that the company illegally promoted online gambling.

Prediction-market platforms have gained prominence since the last US presidential election. Dune Analytics data shows that Kalshi has overtaken Polymarket in market share over the past year. Polymarket, meanwhile, has faced delays in launching its US platform and is the subject of a CFTC probe.