Kalshi raises $1bn at a $40bn valuation and plans indices, single-stock perpetual futures and compute markets

The round

In a post on its company news site, published at 1:33pm ET (17:33 GMT) on 29 October 2026, Kalshi announced “a $1 billion Series G at a $40 billion post-money valuation, co-led by Wellington and Sequoia”. It named ten other investors:

• Baillie Gifford
• Stripes
• Andreessen Horowitz
• Coatue
• Layer Global
• Morgan Stanley Investment Management
• Sequoia Global Equities
• CapitalG
• Hudson River Trading
• Balyasny Asset Management

Kalshi did not disclose the share class, the terms or the size of each investor’s commitment.

What Kalshi says about its business

All figures below are Kalshi’s own; they are unaudited and have not been independently verified. Kalshi said:

• Volume and accounts: “our overall business’s annualized trading volume now exceeds $1 trillion”; more than 30 million Kalshi accounts have been created; and Kalshi accounts for “over 75% of prediction market trading volume”. It did not say how it measures volume or market share.
• Commodities: more than $100m in annualised trading fees “in just three months”.
• Crypto and politics: crypto trading volume of $140bn annualised, and politics trading volume of “over $8 billion annualized”.
• International: one year after launching in more than 140 countries, its international retail business is “approaching $100 million in annualized trading fees”.
• Perpetual futures: $83bn in trading volume and more than 500,000 traders since launch “a few months ago”.
• Institutions: “In September, approximately 500 entities were active on Kalshi, and entities excluding market makers represented approximately 25% of total exchange trading volume.”

Most of these are annualised run-rate figures rather than reported totals, and Kalshi did not define “trading volume” across its products. Kalshi also listed Interactive Brokers, Marex, Clear Street, Cantor Fitzgerald, S&P, Nasdaq, Stripe, Public.com, Plus500, Wealthsimple, Alpaca, PayPal and Block as partners.

What the money is for

Kalshi said it would “launch new products like indices, single-stock perpetual futures, and compute markets”. It said it had “recently announced a partnership with S&P” to “build indices on prediction markets”. S&P Dow Jones Indices announced the collaboration on 26 October 2026 (our report). Kalshi also plans to invest in “institutional sales, distribution, and product development” for hedge funds, proprietary trading firms and financial institutions, and in “international expansion, with a focus on Latin America and Europe”.

Kalshi did not give launch dates for the new products, say whether they would be self-certified or submitted to the CFTC for approval, or say which entity would list them.

Regulatory backdrop

Kalshi announced the raise while state-level legal disputes over event contracts continue. On 26 October 2026 the United States and the CFTC filed suit against Utah in federal court, seeking to halt the enforcement action the state filed on 20 October 2026 against Kalshi entities and two Susquehanna entities (CFTC release; our report). At the Supreme Court, KalshiEX’s response to the petition in Flaherty v. KalshiEX, LLC (No. 26-299) is due on 9 November 2026, after the Clerk extended the deadline on 22 September 2026.

Separately, the CFTC’s proposal to treat event contracts as swaps is open for comment until 18 November 2026 (our report).

Why it matters

Kalshi’s own figures put commodities, crypto and perpetual futures alongside event contracts, and its stated plans add index, single-stock and compute products. That would bring it into closer competition with established futures exchanges. Single-stock products in particular sit near the boundary between CFTC and SEC jurisdiction, a boundary both agencies are reviewing through their joint request for comment. Kalshi has not said how it will structure the products or which regulatory route it will use.

What we are watching

• Product filings for the index, single-stock perpetual and compute contracts, and whether they are self-certified or submitted for approval.
• The federal court’s handling of the United States and CFTC suit against Utah.
• KalshiEX’s Supreme Court response in No. 26-299, due on 9 November 2026.
• The 18 November 2026 comment deadline on the CFTC’s swap-definition proposal.