Kalshi raises $1B, reaches $40B valuation amid major event bets
Business
Kalshi, a fast-growing prediction market exchange, just hit a $40 billion valuation after raising $1 billion, almost doubling its worth since May.
Big-name investors like Sequoia Capital and Wellington Management are backing them as more people use Kalshi to bet on major events like the 2026 FIFA World Cup and US midterm elections.
Kalshi expanding exchange amid sports regulation
Kalshi is shaking things up by developing leveraged event contracts and perpetual futures trading.
But they're also facing legal battles over who gets to regulate sports-related bets; recent court decisions favor states over federal rules.
With a Supreme Court case coming up and work underway with 500 institutional entities, Kalshi is aiming to build out a broader financial exchange despite the challenges.