Kalshi Raises $1 Billion in Series G at $40 Billion Valuation

By Amara Osei

Kalshi raised $1 billion in a Series G funding round at a $40 billion post-money valuation, according to FinSMEs. FinSMEs called Kalshi a "New York City-based financial exchange and prediction market operator," while Wellington Management and Sequoia Capital co-led the round.

The report named 10 participants in an institutional syndicate. They were:

• Baillie Gifford
• Stripes
• andreessen horowitz (a16z)
• Coatue
• Layer Global
• Morgan Stanley Investment Management
• Sequoia Global Equities
• CapitalG
• Hudson River Trading
• Balyasny Asset Management

How will Kalshi deploy the $1 billion?

FinSMEs said Kalshi will use the proceeds across three priorities. The company plans to accelerate international expansion into Latin America and Europe, scale institutional distribution for hedge funds and proprietary trading firms, and launch new financial instruments.

The instruments named were structured market indices, single-stock perpetual futures and decentralized compute markets, according to FinSMEs. The announcement did not disclose how much money each priority would receive, when the products would launch or what revenue targets the company set.

What does Kalshi's exchange do?

Founded in 2018 by Tarek Mansour and Luana Lopes Lara, Kalshi develops a CFTC-regulated financial exchange, according to FinSMEs. The platform aggregates global liquidity and lets individuals and institutions directly trade, hedge and price macro uncertainty.

FinSMEs reported that Kalshi's multi-asset categories include politics, commodities, crypto, economics and perpetual futures. The source frames the platform around trading, hedging and pricing macro uncertainty across those categories.

FinSMEs did not provide contract specifications, settlement terms or launch dates for the three planned instruments. The report also gave no breakdown of activity among the five multi-asset categories.

How large is the platform?

Kalshi has scaled its platform to surpass $1 trillion in annualized aggregate trading volume, according to FinSMEs. The exchange also counts more than 30 million registered user accounts.

FinSMEs described the account figure as registered accounts, not active users. The volume metric is annualized and aggregate, so it expresses trading activity as a rate rather than cumulative lifetime volume.

The disclosure offers scale but not engagement or monetization. FinSMEs gave no active-user count, average account activity, fee structure or revenue figure.

Neither the $1 trillion volume figure nor the 30 million registrations establishes revenue, profitability or the depth of customer activity. Those operating measures will determine how much commercial weight sits behind Kalshi's reported platform scale.

How will institutional distribution expand?

FinSMEs said Kalshi has expanded institutional distribution through infrastructure partnerships with S&P, Nasdaq, Stripe and Interactive Brokers. The report did not describe the products, economics or duration of those arrangements.

The financing also gives Kalshi resources to widen distribution among hedge funds and proprietary trading firms, the two client types named in the use-of-proceeds plan. FinSMEs did not identify existing clients, contract sizes or order volumes tied to that expansion.

FinSMEs did not say how much institutional business each partnership represents. It also did not disclose hedge-fund or proprietary-trading-firm revenue, client concentration or take-rate data.

What does the deal put in focus?

The $40 billion post-money valuation now stands against a platform reporting more than $1 trillion in annualized aggregate trading volume and more than 30 million registered accounts. FinSMEs said the funding will finance geographic expansion, broader institutional distribution and new products alongside Kalshi's existing politics, commodities, crypto, economics and perpetual-futures categories.

The FinSMEs report is dated 02/11/2026. It disclosed no revenue, profit, funding allocation or launch schedule, leaving execution against the stated plan as the next test for the $40 billion valuation.

Kalshi now has to turn the new capital and four infrastructure partnerships into sustained trading activity. The next disclosures should cover active users, the regional mix of volume and the commercial launch of structured indices, single-stock perpetual futures and decentralized compute markets.