Kalshi Raises $1B at a $40B Valuation as Prediction Market Fees Soar

Wellington and Sequoia co-led the Series G, and Kalshi plans to spend the money on new markets like indices, single-stock perps and compute. Prediction market Kalshi raised $1B at a $40B valuation in a round co-led by Wellington and Sequoia, joined by a16z, Coatue and Morgan Stanley Investment Management, among others. The Numbers: Kalshi says its annualized trading volume now tops $1T, it has opened more than 30M accounts and it handles over 75% of prediction market volume. Its perpetual futures (bets on an asset's price that never expire) did $83B in volume within a few months of launch.