Kalshi closed a $1B funding round on Thursday at a $40B valuation and says its non-sports markets now generate more than $1B in annualized revenue. The capital lands as the platform expands partnerships with the NBA and S&P Dow Jones Indices while US states challenge its sports contracts in court.
What the $1B figure covers
The $1B-plus annualized revenue figure covers only non-sports markets: politics, economics, finance and entertainment. Sports contracts, the subject of the legal disputes, are not included.
The $40B valuation is the price at which investors entered the $1B round the company confirmed on Thursday.
Which non-sports markets Kalshi runs
On Kalshi's news site, this week's most-watched markets are the US midterms, one week away.
Market | Kalshi odds |
|---|---|
2026 midterm "blue wave" | 81% |
2026 midterm "blue tsunami" | 55% |
Democrats win the Senate | 64% |
Projected Democratic House seats | 238 |
Michigan Senate - El-Sayed | 71% |
Texas governor - Abbott | 65% |
Anthropic IPO | 93% |
On the finance side, the Anthropic IPO market rose to 93% after the S-1 filing showed $16.3B in first-half revenue. Kalshi also runs markets on the Fed decision, the Israeli election, James Bond casting and the Super Bowl halftime performer.
NBA and S&P Dow Jones Indices partnerships
Kalshi announced a partnership with the NBA in the same week its sports contracts are being challenged by states.
Separately, S&P Dow Jones Indices and Kalshi are joining forces to build what the two companies call "the next generation of financial markets". The deal ties the S&P index provider to Kalshi's event contracts, the non-sports segment the company is scaling with the new capital.
Other recent announcements published by Kalshi:
- Sector KPI markets launched with Carbon Arc
- Expanded protections for traders aged 18 to 20
- A statement that Wedgewood's fake polling did not meaningfully impact its markets
Legal challenges
Several US states are challenging Kalshi's sports contracts. If you trade on the platform, sports contracts remain exposed to those actions, while the political, economic and financial markets that generate the $1B-plus run rate sit outside the disputes.