Kalshi Raises $1 Billion at $40 Billion Valuation Before Planned IPO

Kalshi has raised $1 billion in a funding round that values the prediction market at $40 billion, Reuters reported on Oct. 29.

The price is close to four times the $11 billion investors paid in December 2025. It is also nearly 82% above the $22 billion valuation Kalshi set earlier in 2026. Investors are paying for the flood of money bettors now move through the site: trading volume passed $40 billion in August, according to Bloomberg.

Sequoia and Wellington Lead the Round

Sequoia, an existing investor, co-led the round with Wellington Management, according to Reuters. Tiger Global Management and Dragoneer Investment Group also took part.

Bloomberg reported in September that this was expected to be Kalshi's last private round before a stock market listing. That listing could come as soon as 2027. The same report put Kalshi's revenue at an annual pace of about $4 billion as of August.

FairGambling covered the talks behind the round when they were reported on Sept. 30.

Utah Charges Arrive the Same Week

The money lands as Kalshi moves beyond sports and election contracts. In 2026 it began offering perpetual futures, which are leveraged bets on prices with no expiry date. It started with crypto and has since added stock indexes and metals, putting it closer to exchanges like CME Group.

The legal fight at home is getting sharper. On Oct. 28, Utah filed 14 criminal charges against Kalshi and co-founders Tarek Mansour and Luana Lopes Lara. Prosecutors accuse the company of illegally promoting online gambling. None of the charges has been proven in court.

The next marker is the Utah case's first court date in Salt Lake County, alongside any filing that moves Kalshi toward its planned 2027 listing.

Treat gambling as entertainment you pay for. 18+, and if it stops feeling like entertainment, help exists at BeGambleAware and GamCare.