Kalshi has hit a $40bn valuation, according to SBC News, a financing milestone that arrives with the company still operating in what that outlet described as a fractured and highly litigious environment for prediction markets.
Intergame reported that Kalshi raised $1bn in a new funding round co-led by Wellington and Sequoia. The company, as quoted there, said the money will “accelerate” its “long-term vision [of] building the next-generation financial exchange.”
That is the cleanest news here: investors have agreed to price the company at $40bn. The messier part, and the part worth keeping attached to the valuation instead of treating it like background wallpaper, is that SBC says the growth is continuing despite more state litigation and broader regulatory friction around prediction markets.
A funding round does not resolve any of that. It tells you something narrower but still important: backers are willing to assign a very large number to the business while those conditions persist.
Intergame said Kalshi plans to invest in institutional sales, distribution and product development for hedge funds, proprietary trading firms, financial institutions and other sophisticated participants. It also said the company is targeting international expansion in Latin America and Europe.
The same report included a stack of company claims about scale: more than $1bn in non-sports annualised revenue, annualised trading volume above $1tn, more than 30 million accounts and 75% of prediction-market trading volume. Those figures come from Kalshi’s own account of its business. The harder external fact is the one investors just signed onto: another $1bn, at a $40bn valuation, with the legal noise still very much in the room.
Sophia Borg 
Ryan C 
Dua Mifsud