Prediction-markets platform Kalshi raised $1 billion in a Series G round led by Sequoia Capital and Wellington Management, co-founder and CEO Tarek Mansour said. The financing values Kalshi at $40 billion. Investors view it as a potential final major round before an initial public offering, but Mansour gave no timetable for one.
Kalshi still faces legal challenges over contracts tied to event outcomes, including sports. Several state attorneys general argue those contracts are effectively gambling subject to state law; Kalshi says they fall under federal oversight. Courts have issued inconsistent rulings, and Nevada and Washington have secured restrictions on sports contracts in their jurisdictions.
