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

Prediction market platform Kalshi has closed a $1 billion funding round at a $40 billion valuation, Reuters reported Thursday, as the company expands beyond sports betting into financial markets.The Series G round was co-led by Wellington Management and Sequoia Capital. Kalshi also said its non-sports markets now generate more than $1 billion in annualized revenue, according to The Wall Street Journal.The financing was first reported in September, when Kalshi was said to be seeking $1 billion at the same valuation. Thursday’s announcement confirmed the completion of the round.Kalshi was valued at $22 billion in May, when it completed a $1 billion Series F funding round led by Coatue Management. At the time, the company reported an annualized revenue run rate exceeding $1.5 billion.Kalshi recorded approximately $15.8 billion in trading volume over the past 30 days, according to DefiLlama data.Expanding partnerships amid legal challengesKalshi has continued to expand its partnerships despite mounting legal challenges across the US. On Monday, the NBA named Kalshi and Polymarket preferred prediction market exchanges, while S&P Dow Jones Indices partnered with Kalshi to bring its f...