Kalshi raises $1B at a $40B valuation

Prediction market Kalshi closed a $1B round led by Sequoia and Wellington Management. Its valuation rose to $40B from $22B after a $1B raise in May, which the company calls its last before an IPO.

• The $1B round was led by Sequoia and Wellington Management
• Valuation rose from $22B in May to $40B
• The valuation is nearly double that of rival Polymarket
• Kalshi calls the round its last before an IPO