Building the next-generation financial exchange: Kalshi raises $1 billion at a $40 billion valuation

Today, we’re announcing a $1 billion Series G at a $40 billion post-money valuation, co-led by Wellington and Sequoia.

Joining them are Baillie Gifford, Stripes, Andreessen Horowitz, Coatue, Layer Global, Morgan Stanley Investment Management, Sequoia Global Equities, CapitalG, Hudson River Trading, and Balyasny Asset Management.

This funding accelerates our long-term vision: building the next-generation financial exchange. An exchange that gives individuals, businesses, and institutions more direct ways to understand the world, act on their beliefs, and manage risk.

The forces shaping our lives are constantly changing. Elections reshape industries. Interest rates affect the cost of a home. Weather determines a harvest. Advances in AI change the demand for energy and compute.

Financial markets should help people make sense of these forces and manage their exposure to them. Too often, doing so requires finding an imperfect proxy or accessing sophisticated products available to a small set of institutions.

We founded Kalshi with a simple belief: the ability to price uncertainty and trade on the future should be available to everyone.

Prediction markets were our starting point. They made it possible to turn a question about the world into a tradable market, with a price that reflects what people think will happen. They remain central to our mission, and they’ve built the foundation for a much broader exchange.

Kalshi diversified quickly. We now have over $1 billion in non-sports annualized revenue and our overall business's annualized trading volume now exceeds $1 trillion. Over 30 million Kalshi accounts have been made, and we account for over 75% of prediction market trading volume.

Increasingly, that growth is coming from across the exchange and around the world.

Every exchange has an initial killer product. Sports brought millions of people to Kalshi and helped establish deep liquidity. We’re now extending those network effects into politics, crypto, economics, commodities, and perpetual futures.

Commodities has grown into a business generating more than $100 million in annualized trading fees in just three months. Crypto trading volume has reached $140 billion annualized and Politics trading volume has reached over $8 billion annualized.

One year after launching in more than 140 countries, our international retail business is approaching $100 million in annualized trading fees.

Since launch a few months ago, our perpetual futures business has reached $83 billion in trading volume and over 500,000 traders.

As more participants join, they bring liquidity that makes the exchange more useful for everyone. That liquidity supports new markets, attracts new participants, and expands the range of products we can offer. This is how we’re building a diversified financial exchange with prediction markets at its foundation.

A next-generation exchange should serve more of the risks people actually face.

For an individual, that could mean trading directly on an economic forecast. For a business, it could mean hedging exposure to a policy decision or weather event. For an institution, it could mean incorporating new sources of information and new instruments into a portfolio.

Institutional adoption is growing, too. In September, approximately 500 entities were active on Kalshi, and entities excluding market makers represented approximately 25% of total exchange trading volume.

Our expanding partnership ecosystem includes Interactive Brokers, Marex, Clear Street, Cantor Fitzgerald, S&P, Nasdaq, Stripe, Public.com, Plus500, Wealthsimple, Alpaca, PayPal, Block. These relationships are helping us reach more participants and build the infrastructure for our next stage of growth.

We’re using this capital to grow the exchange, develop new assets, and expand access around the world.

We’ll accelerate our prediction market growth, grow institutional adoption, launch new products like indices, single-stock perpetual futures, and compute markets.

Each expands the ways people can express a view or manage a specific exposure—from the direction of an equity benchmark to the future cost of computing power. We recently announced a partnership with S&P, where we’ll work together to build indices on prediction markets.

We’ll invest in institutional sales, distribution, and product development to support hedge funds, proprietary trading firms, financial institutions, and other sophisticated participants. Serving these firms requires reliable infrastructure, deeper liquidity, and products designed around their needs.

We’ll also invest in international expansion, with a focus on Latin America and Europe.

Our team is motivated by a gap we see every day: people face uncertainty that existing financial tools don’t adequately address.

Closing that gap means building new products, earning trust, and making markets accessible and useful. It means thinking in decades about what a financial exchange can become.

The next generation of financial markets will give more people the ability to understand the forces shaping their lives—and do something with that understanding.

That’s the exchange we’re building.