Kalshi raises $1B at $40B valuation as non-sports revenue run rate tops $1B
The funding round comes as Kalshi expands its partnerships with the NBA and S&P Dow Jones Indices while facing legal challenges over its sports contracts.
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.