Prediction-market operator Kalshi has completed a $1 billion Series G funding round that values the company at $40 billion, according to reporting cited by Cointelegraph. The financing comes as Kalshi broadens its business from sports-related contracts into financial markets, while its sports offerings face legal challenges in the United States.
Funding round lifts Kalshi’s valuation
The Series G investment was co-led by Wellington Management and Sequoia Capital. Kalshi confirmed that the round had closed on Thursday, following reports in September that the company was seeking $1 billion at a $40 billion valuation.
The new valuation represents a significant increase from May, when Kalshi completed a $1 billion Series F led by Coatue Management and was valued at $22 billion. At that time, the company reported an annualized revenue run rate above $1.5 billion.
Kalshi’s latest update also indicates that its non-sports markets are now generating more than $1 billion in annualized revenue. The figure highlights the company’s effort to develop markets tied to subjects beyond sports, including financial benchmarks and other economic events.
Prediction markets allow users to buy and sell contracts linked to the outcome of future events. Their contracts can cover topics such as elections, economic data or sporting results, with prices reflecting the market’s assessment of a particular outcome. Kalshi operates in the United States, where the regulatory treatment of different types of event contracts has become a central issue.
Partnerships expand as disputes continue
Kalshi has continued to add institutional and sports-sector partnerships while its legal fight over sports contracts has intensified. The NBA named Kalshi and Polymarket its preferred prediction-market exchanges on Monday. Separately, S&P Dow Jones Indices agreed to work with Kalshi to bring its financial benchmarks to event contracts.
The partnerships are developing alongside a dispute over whether Kalshi’s sports contracts should be governed by state gambling laws or treated as derivatives under federal regulation.
Utah sued Kalshi last week. The US Commodity Futures Trading Commission then filed a separate lawsuit on Tuesday seeking to prevent state enforcement against the company. On Wednesday, Utah escalated the matter by filing criminal charges against Kalshi and its co-founders, according to a Reuters report.
Trading activity and Moneyiar market picture
DefiLlama data cited in the source showed approximately $15.8 billion in trading volume on Kalshi over the previous 30 days. The figure provides a measure of activity on the platform as it seeks to build its non-sports business and secure additional partnerships.
Moneyiar market data, recorded on October 25, 2026, showed mixed performance among the selected digital assets:
- OriginTrail (TRAC): $0.3709267304, down 3.98% over 24 hours and 5.1% over seven days.
- FUNToken (FUN): $0.0089182414, up 1.62% over 24 hours and 0.08% over seven days.
- ONEchain (ONE): $0.1019913497, down 0.44% over 24 hours and up 1.74% over seven days.
- Ontology (ONT): $0.0501456474, down 0.93% over 24 hours and 1.73% over seven days.
The prices are quoted in US dollars. The timestamps supplied by Moneyiar were 22:38 for TRAC and ONE, and 22:39 for FUN and ONT, all in the +03:30 time zone.
