KALSHI RAISES $1B AT A $40 BILLION VALUATION Kalshi has closed a Series G co-led by Sequoia Capital and Wellington Management. Its valuation has climbed from $1B in June 2025 to $40B in just sixteen months. Kalshi launched in 2021 after spending nearly four years securing federal regulation. It gained traction during the 2024 election, then reached a much wider audience after introducing sports contracts in early 2025. Growth is now increasingly driven by markets beyond sports, including crypto, commodities, and new derivatives products: "Kalshi continues to experience significant growth, with Q4 revenue currently on track to surpass Robinhood's revenue." The new capital will support new products for retail and institutional customers, and international expansion. Other investors include Morgan Stanley Investment Management, Baillie Gifford, Coatue and Andreessen Horowitz. An IPO has also been discussed, though Tarek Mansour has not confirmed plans or provided a timeline.