Kalshi raised $1 billion at a $40 billion valuation, a day after Utah charged its founders. Here is what the numbers show

Analysis · Updated October 31, 2026 · 18+ · Not investment or legal advice · By BetG8 Editorial · Prediction Markets

Kalshi Series G: $1 billion at a $40 billion valuation — Eight times the price of a year ago, set in the same week two states and the CFTC went to court over the business.

Short answer: On October 29 Kalshi announced a $1 billion Series G at a $40 billion post-money valuation, co-led by Wellington and Sequoia. That is 82% above the $22 billion it was valued at in May and eight times the $5 billion of October 2025. Kalshi says it now runs at more than $1 trillion in annualized trading volume across all of its products, has created more than 30 million accounts and holds more than 75% of prediction market volume. None of those figures is audited, and the company did not publish total revenue. The round was announced the day after Utah filed 14 criminal counts against Kalshi and its two co-founders.

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Kalshi's funding announcements have become a quarterly event, and each one has nearly doubled the price of the last. The Series G is the third round in twelve months and the second $1 billion raise of 2026. What makes this one worth reading closely is not the headline number, which the Financial Times reported as a target back in June, but the operating figures Kalshi chose to publish with it and the ones it left out.

Three rounds in twelve months

Round	Announced	Amount	Valuation	Led by
Series D	October 2025	$300 million	$5 billion	Not named in our sources
Series F	May 2026	$1 billion	$22 billion	Coatue
Series G	October 29, 2026	$1 billion	$40 billion post-money	Wellington and Sequoia

The arithmetic is simple. The same $1 billion bought roughly 4.5% of the company in May and 2.5% now. The step from $22 billion to $40 billion took about five and a half months. The step from $5 billion to $40 billion took about a year. The price itself was not a surprise: The Block, citing the FT, reported on June 24 that Kalshi was in talks at $40 billion and that the round could close as early as the third quarter. It closed at the end of October instead, after a summer in which three federal appeals courts ruled on its sports contracts and two of them went against it.

What Kalshi says it is now

The company's own announcement lists these figures. All are self-reported and most are annualized from a recent period:

More than $1 trillion in annualized trading volume across prediction markets, commodities, crypto and perpetual futures.
More than 30 million accounts created.
More than 75% of prediction market trading volume.
More than $1 billion in annualized revenue from non-sports products alone.
More than $100 million in annualized trading fees from commodities, reached in about three months.
International retail approaching $100 million in annualized fees, one year after launching in more than 140 countries.
$140 billion in annualized crypto volume and more than $8 billion in annualized politics volume.
$83 billion of perpetual futures volume from more than 500,000 traders since that product launched a few months ago.
About 500 institutional entities active in September; entities other than market makers made up about 25% of exchange volume.

Compare that with May. When the Series F closed, Sports Illustrated reported annualized volume of $178 billion, up from $52 billion six months earlier, and a share of more than 90% of US prediction market activity. The jump to "over $1 trillion" is not like for like: it adds crypto, commodities and perpetual futures, which did not exist on Kalshi at the time. The share figure moved from "over 90% of US activity" to "over 75% of prediction market volume", which uses a different denominator and may include offshore venues. Neither change can be checked from the outside.

What a $40 billion price implies

Kalshi did not publish total revenue with the round. The $1 billion figure covers non-sports products only, and sports is the largest category on the exchange. Outside estimates vary. A Yahoo Finance report on October 30 put annual revenue above $1.5 billion; in June The Information reported annualized revenue above $2 billion, as relayed by The Block. On $2 billion, the Series G price is 20 times revenue. On $1.5 billion it is about 27 times.

Two reference points help. In May, SI noted that DraftKings had a market capitalization of roughly $11 billion, so Kalshi's private mark is now more than three times that May figure. And Polymarket, its closest rival, was last reported in June to be raising $400 million at a $15 billion valuation, so the gap between the two has widened to more than 2.5 times on paper. A private post-money valuation is a negotiated price for a minority stake with investor protections attached, not a price at which the whole company could be sold.

The legal map got worse in the same week

The timing is the part investors cannot have missed. In the six days around the announcement:

October 26: the CFTC sued Utah to stop the state's enforcement against prediction markets, its tenth suit against a state.
October 27: Kalshi sued Missouri in the Eastern District of Missouri rather than comply with the attorney general's September cease-and-desist.
October 28: Utah filed 14 criminal counts against KalshiEX, Tarek Mansour and Luana Lopes Lara (our report).
October 29: the Series G was announced, and the same day Kalshi asked the Supreme Court for more time to respond in No. 26-299, New Jersey's petition. The response had been due November 9.

The Ninth and Sixth Circuits have held that states may enforce gambling law against sports event contracts; the Third Circuit sided with Kalshi. More than a dozen states have sued prediction market operators. Investors at $40 billion are pricing a business whose largest category has an unresolved legal status in much of the country, which is exactly why the announcement stresses commodities, crypto, international and institutional growth. Our 50-state tracker shows where each state stands.

Politics is the smallest line Kalshi published, at more than $8 billion annualized, but it is the one in the news this week. Election contracts are not covered by the sports rulings, and the midterms on November 3 are the first big test of that book; live prices from Kalshi and Polymarket are on our 2026 midterm election odds page.

Where the money goes

Kalshi says the money will go to new products, including indices, single-stock perpetual futures and markets on compute; to institutional sales and distribution; and to international expansion focused on Latin America and Europe. It did not give a split. On an IPO, the last public statement is from June, when chief executive Tarek Mansour confirmed Kalshi was considering one but said it would not happen this year, according to The Block.

Method and limits

Every operating figure in this article is company-reported, unaudited and, in most cases, annualized from a recent period, which flatters fast-growing products. The volume total mixes event contracts with crypto and perpetual futures that have very different fee economics. Revenue multiples use third-party revenue reports because Kalshi did not publish a total. The valuation is a private-round post-money figure. We have not seen the term sheet. Nothing here is investment, legal or betting advice.

Frequently asked questions

How much is Kalshi worth after the Series G?

$40 billion post-money. Kalshi announced a $1 billion Series G on October 29, 2026, co-led by Wellington and Sequoia. It is a private-round price, not a market price.

How fast has Kalshi's valuation grown?

From $5 billion in its October 2025 Series D to $22 billion in its May 2026 Series F and $40 billion in the October 2026 Series G: eight times in about a year.

Who invested in Kalshi's Series G?

Wellington and Sequoia co-led. Kalshi named Baillie Gifford, Stripes, Andreessen Horowitz, Coatue, Layer Global, Morgan Stanley Investment Management, Sequoia Global Equities, CapitalG, Hudson River Trading and Balyasny Asset Management as co-investors.

Does the funding change whether Kalshi is legal in my state?

No. Legality is being decided by state regulators, federal appeals courts and possibly the Supreme Court. Money raised from investors does not change any of those cases.