Kalshi raises $1B at $40B valuation as non-sports revenue run rate tops $1B

What happened: Kalshi closed a $1 billion Series G round at a $40 billion valuation, co-led by Wellington Management and Sequoia Capital, as it expands beyond sports betting into financial markets. Key numbers: $1 billion raised; $40 billion valuation; non-sports markets above $1 billion annualized revenue; $22 billion valuation in Why it matters: The round lands as Kalshi adds NBA and S&P Dow Jones Indices partnerships while facing legal disputes over whether its sports contracts fall under state gambling laws or federal derivatives regulation, including a Utah suit and criminal charges. Coverage: 3 outlets in 24h

Kalshi closed a $1 billion Series G round at a $40 billion valuation, co-led by Wellington Management and Sequoia Capital, as it expands beyond sports betting into financial markets.

The round lands as Kalshi adds NBA and S&P Dow Jones Indices partnerships while facing legal disputes over whether its sports contracts fall under state gambling laws or federal derivatives regulation, including a Utah suit and criminal charges.