Kalshi raised another $1 billion this week at a $40 billion valuation, up from $22 billion in May.

The company’s latest Series G funding round, co-led by Sequoia Capital and Wellington Management, brings its valuation to eight times the $5 billion reported in October 2025.

Kalshi also disclosed that its non-sports businesses now generate over $1 billion in annualised revenue. Its institutional business is also growing, with approximately 500 entities trading on the exchange in September.

The valuation comes amid ongoing regulatory disputes, suggesting investors are increasingly confident in Kalshi's long-term prospects.…