Sequoia Capital and Wellington Management co-led the round, with Tiger Global Management and Dragoneer Investment Group also reported to have taken part. The new capital takes Kalshi’s total funding to around $3.6 billion. The company plans to target professional traders and expand internationally.
Kalshi said in a statement:
“We’ll invest in institutional sales, distribution and product development to support hedge funds, proprietary trading firms, financial institutions and other sophisticated participants. Serving these firms requires reliable infrastructure, deeper liquidity, and products designed around their needs.”
Kalshi reported more than $1 billion in annualized revenue from non-sports markets, annualized trading volume above $1 trillion, and over 30 million accounts. It also claims 75% of prediction market trading volume. According to Dune Analytics data, Kalshi has overtaken rival Polymarket in market share over the past year.
The raise comes as states push back on its sports contracts. Two federal appeals courts have ruled since August that states can regulate sports event contracts, and Utah, New York, and Nevada have all taken action against the company. The CFTC has also sued Utah to stop it from enforcing state gambling law against Kalshi.
