Kalshi raises $1 billion at a $40 billion valuation — CNBC

In the United States, prediction markets platform Kalshi has completed a $1 billion investment round, after which its valuation reached $40 billion. The company closed its previous funding round in May at a $22 billion valuation, CNBC reports.

Investors and valuation

The round was co-led by Sequoia Capital and Wellington Management. In October 2025, Kalshi was valued at $5 billion, so its valuation grew eightfold over the year.

According to CNBC, activity on Kalshi’s prediction markets increased after the previous round, including due to contracts related to the 2026 FIFA World Cup, the National Football League season, and the U.S. midterm elections. The volume of combined contracts, similar to parlay bets at bookmakers, also increased significantly.

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Expansion plans

Kalshi said prediction markets are only the initial stage of its plan to create a broader financial exchange. The company wants to use the raised funds to develop leveraged event contracts, perpetual futures linked to individual stocks, and markets for trading the value of computing resources.

At the end of May, Kalshi introduced its first product outside prediction markets — perpetual futures. The company also plans to continue investing in its institutional business. In September, it reported working with 500 institutional organizations; excluding market makers, they accounted for 25% of the platform’s total trading volume.

Legal disputes

Kalshi is also facing legal disputes over sports event contracts. In August and September, two U.S. appeals courts ruled that states have the authority to regulate sports event contracts. Kalshi and other prediction market platforms believe this should be done by the federal government. A third appeals court supported this position, and, according to CNBC, the U.S. Supreme Court may ultimately resolve the dispute.