Kalshi in Talks to Raise $1B at $40B Valuation, Led by Sequoia

The jump from a $22 billion valuation to roughly $40 billion in a matter of months signals that prediction markets are being repriced as a mainstream financial venue rather than a niche betting product, and the involvement of crossover names like Sequoia, Wellington, Tiger and Dragoneer suggests institutional capital is treating event contracts as an asset class in its own right. The scale of the raise matters less than the speed of the re-rating, which implies investors expect Kalshi's regulatory position and volumes to keep expanding. Whether that trajectory holds as the sector draws more scrutiny is the open question.