Kalshi Raises $1B Series G at $40B Post-Money Valuation

Kalshi already offers a perpetual contract covering 500 large U.S. companies. Its proposed move into individual stocks remains a waitlist, with regulatory approval still attached. The product menu gives a concrete view of the New York exchange's expansion: more kinds of exposure, more kinds of customer, and more work connecting those markets to the people using them.

On October 29, 2026, Kalshi announced a $1B Series G at a $40B post-money valuation, co-led by Wellington and Sequoia. The company intends to put capital into institutional sales, distribution and product development while expanding internationally. The financing backs a broader financial exchange growing from its prediction-market base.

Co-founders Tarek Mansour, CEO, and Luana Lopes Lara, COO, began with the problem of trading directly on events that affect financial outcomes. Their customers now range across different reasons for taking a position, from an individual expressing a view to an institution managing an exposure. Making that variety useful gives the funding story its commercial substance.

The financing follows a substantial run of investment

Cooley, which advised Kalshi on the transaction, confirms the Series G amount, post-money valuation and co-leads. Its account also identifies the company's $1B Series F in May 2026, $1B Series E in December 2025 and $300M Series D in October 2025. Those financings establish a sequence of substantial backing without pretending that a partial list provides a complete lifetime funding total.

Kalshi's May 7 Series F announcement valued the business at $22B and named Coatue as lead investor. Wellington and Sequoia now co-lead a round at a higher valuation as the company pursues a wider exchange business. Sequoia's portfolio record dates its partnership with Kalshi to 2020, placing an established investor beside the newer financing milestone.

The official Series G announcement also names Baillie Gifford, Stripes, Andreessen Horowitz, Coatue, Layer Global, Morgan Stanley Investment Management, Sequoia Global Equities, CapitalG, Hudson River Trading and Balyasny Asset Management. The breadth of that group makes the institutional ambition legible, although participation in the financing says nothing by itself about how any particular investor will trade on the exchange. The sales conversation then moves toward execution, access and the markets a customer needs.

A broader exchange starts with specific products

Kalshi's company history traces the business to 2018, when Mansour and Lopes Lara, who met at MIT, set out to address the costly workarounds involved in trading event risk. An event contract gives a defined question a tradable position. Under the basic yes-or-no structure, the outcome determines whether a position pays $1 or $0, with the settlement rules specifying what resolves the question.

That structure matters because knowing that an event affects a business and having a usable market for that exposure are separate matters. A forecast can inform a decision while still leaving the organization searching for a way to manage the financial consequence. Kalshi's expansion follows that original problem into a larger range of instruments, where product design, trading access and settlement each influence whether a market becomes part of a customer's routine.

The Kalshi Pro product record makes the current boundaries visible. October 6 updates describe a large-cap equity-index perpetual and copper and aluminum perpetuals. The October 29 entry invites applications for single-stock perpetuals and explicitly makes availability subject to regulatory approval. Those are different product states, and the distinction belongs beside the financing: investors have funded an organization with operating products and further development still ahead. Planned compute markets and additional indices extend the ambition, with their eventual usefulness depending on the customers and trading activity they attract.

Institutional participation changes the customer relationship

Kalshi reports that approximately 500 entities were active in September, and that entities excluding market makers represented approximately 25% of total exchange trading volume. Those figures describe a company-reported monthly snapshot. They help distinguish customers arriving with positions to take from participants supplying liquidity, without establishing how either group will behave in future periods.

The company's institutional offering gives businesses and entities routes to trading and data access. That opens a practical sales conversation: which exposures matter to the customer, how the institution reaches the market, and how activity fits its own procedures. A broad product catalog becomes commercially valuable when those details work together for the people expected to use it.

The staffing picture offers another view of the assignment. Kalshi's careers page includes work in institutional operations, risk, compliance and infrastructure. Open roles do not establish an undisclosed hiring target or prove that the financing has already produced a particular operational result. They show the range of work around an exchange whose customers need something dependable to return to, across the trading day and across product launches. For Mansour and Lopes Lara, institutional adoption carries that continuing relationship into the company's development priorities.

Expansion carries a regulatory and competitive calendar

The CFTC's designated-market register records Kalshi's designation in November 2020 and a January 2025 amendment permitting intermediated futures trading. That history helps explain the infrastructure already beneath the business. Individual product approvals and disputes still have their own processes, as the single-stock waitlist itself makes clear.

Reuters reports that Kalshi's move toward a multi-asset platform brings it into more direct competition with established exchanges such as CME Group and Intercontinental Exchange. The same reporting describes state gambling allegations against the platform. DevCuration's coverage of Polymarket's fundraising discussions provides a related view of capital moving toward prediction markets. Those remain allegations, and federal designation should not be presented as a resolution of every state challenge. Kalshi's proposed geographic expansion, focused on Latin America and Europe, adds further commercial work beyond its existing U.S. base.

The financing gives Kalshi resources for that larger organization. Its next products will enter a business where retail demand, institutional trading, liquidity providers and regulators already shape different parts of the working day. As the menu expands, the founders have to keep those relationships coherent enough that an institution can decide where Kalshi belongs in its own operation, then return with another exposure to manage.