Kalshi raises $1 billion at a $40 billion valuation

Kalshi, the U.S. exchange where people trade contracts tied to whether defined real-world events happen, has raised $1 billion in a Series G led by Sequoia Capital and Wellington Management, at a $40 billion post-money valuation. That figure is the price private investors assigned to the company in this deal—not a public-market value or a measure of current profits—but it nearly doubles Kalshi’s $22 billion valuation from a funding round in May. Kalshi says it will use the capital to grow beyond prediction contracts into a broader trading exchange spanning products such as commodities, crypto and perpetual futures, positioning it more directly against traditional exchanges.