Prediction market operator Kalshi raised $1 billion in a funding round co-led by Sequoia Capital and Wellington Management, valuing the company at $40 billion. The valuation has climbed 82% since May, when the company was valued at $22 billion following another $1 billion raise. Kalshi plans to use the capital to develop leveraged event contracts, perpetual futures on individual stocks, and markets tied to artificial intelligence computing capacity. The company has already obtained Commodity Futures Trading Commission approval to launch perpetual futures on cryptocurrencies before expanding into equity indexes and precious metals. Its institutional expansion is nevertheless facing a regulatory dispute over the legal status of sports-related prediction contracts, with the possibility of Supreme Court review.
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