Sequoia Capital and Wellington Management co-led the round. Five months ago, Kalshi raised $1B at $22B.

But the valuation jump isn't the story. The direction is.

Kalshi says it's using the capital to build a broader exchange: leveraged event contracts, perpetual futures, compute-price markets. Event contracts were the wedge. The goal is a multi-asset trading venue competing with CME and ICE .

The numbers behind the pitch:

• Annualized trading volume: over $1 trillion**

• Non-sports annualized revenue: **over $1 billion

• 30M+ accounts created

CEO Tarek Mansour has also confirmed IPO discussions, though no timeline .

The unresolved risk: Kalshi still faces state-level legal challenges over sports contracts, including a criminal charge from Utah's AG this week . The regulatory question—CFTC-regulated swap or state-regulated gambling—remains unsettled.

$40B is a bet that the exchange thesis wins before the legal question forces an answer.

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