A Billion Dollars Says This Is a Financial Market Now
Kalshi has raised $1 billion in a Series G round co-led by Wellington Management and Sequoia Capital, at a $40 billion valuation. Rounds this size are not about survival. They are about what the company says it is becoming.
The numbers in the announcement point past event contracts. Non-sports revenue has passed $1 billion annualized. Perpetual futures have traded $83 billion with more than 500,000 traders since launching a few months ago. Commodities fees passed $100 million annualized within three months. More than 30 million accounts exist, and annualized volume across the business exceeds $1 trillion.
The roadmap is just as telling: indices built with S and P, single-stock perpetual futures, and compute markets, plus expansion across Latin America and Europe.
Prediction markets began as a way to price elections. A $40 billion valuation says investors now price them as financial infrastructure that happens to list elections too.
Sources: Croupier, Coin Edition
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