TREE NEWS update: Kalshi has raised $1 billion at a $40 billion valuation, with its non-sports revenue run rate surpassing $1 billion, the prediction market said. The round comes as Kalshi expands partnerships with the NBA and S&P Dow Jones Indices while facing legal challenges over its sports contracts.
Kalshi raises $1B at $40B valuation as non-sports revenue tops $1B
AI take
The valuation and the non-sports revenue milestone are the real signal here: prediction markets are being repriced as a broader event-contracting venue rather than a sportsbook-adjacent product. The S&P Dow Jones tie-up points to where that ambition is heading, financial-market and macro contracts, which is also where regulatory scrutiny is likely to concentrate. The open question is whether the legal fight over sports contracts stays contained to that category or spills into the credibility of the wider franchise as institutional partners scale up.
Generated by AI for reference only.
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