Kalshi Raises $1 Billion to Reach $40 Billion Valuation
Kalshi closed a $1 billion Series G funding round, valuing the prediction market company at $40 billion amid ongoing legal battles over state gambling laws.
Prediction market company Kalshi closed a $1 billion Series G funding round, bringing its valuation to $40 billion. The round was led by Sequoia Capital and Wellington Management, with additional participation from Baillie Gifford, Morgan Stanley Investment Management, Coatue Management, and Andreessen Horowitz. This valuation nearly doubles that of its primary rival, Polymarket, which was valued at $21 billion in August.
Chief Executive Tarek Mansour stated the new capital will allow the company to execute its product roadmap for both retail and institutional customers. While Kalshi has experienced significant growth in commodities, crypto, and sports wagers, it continues to face legal challenges from state attorneys general who characterize the platform as a form of gambling.
Kalshi maintains that its operations fall under federal regulation. The legal conflict has reached a critical point as New Jersey has petitioned the Supreme Court to determine if federal law pre-empts state regulation of event contracts. This follows efforts by states such as Nevada and Washington to block prediction market wagers within their borders.
