Kalshi raised $1B led by Sequoia and Wellington Management at a $40B valuation, up from a $22B valuation after raising $1B in May, its last raise before an IPO
THE SO WHAT
A prediction market doubling valuation from $22B to $40B on another $1B raise in five months says more about investor appetite for new financial primitives than about current revenue. If you’re building in adjacent markets—data, risk, infra—assume capital is now willing to underwrite “market-structure” bets at public-market scale pre-IPO.
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