Kalshi raises $1B at $40B valuation as non-sports revenue tops $1B

Kalshi has closed a $1 billion funding round that values the prediction market platform at $40 billion. The company also says the revenue run rate of its non-sports markets has passed $1 billion.

The run-rate figure is notable because sports contracts are the category most closely tied to Kalshi's public image. A non-sports business of that size indicates that demand for event contracts reaches well beyond game outcomes, and it gives investors a second growth story to weigh against the first.

Partnerships with the NBA and S&P Dow Jones Indices

The round comes as Kalshi expands its partnerships with the NBA and with S&P Dow Jones Indices. The two relationships sit at different ends of the business: one with a major basketball league, the other with a well-known provider of market indices. Together they show the company building ties with established institutions in both sports and finance.

Legal challenges remain

The funding arrives while Kalshi still faces legal challenges over its sports contracts. How those disputes are resolved is an open question for the company and its backers, since sports remain a highly visible part of the product line.

For users and the wider industry, a $40 billion valuation puts Kalshi among the most highly valued players in prediction markets and signals that investors are willing to back the sector despite the legal uncertainty. The next things to watch are the outcome of the court cases and whether non-sports revenue keeps growing at the pace implied by the current run rate.