On the financing front: prediction market Kalshi announced it has closed a roughly $1 billion Series G round, led by Sequoia and Wellington, pushing its valuation to about $22 billion. The valuation for the event contracts sector has been lifted another notch, showing that institutions are willing to assign a higher multiple to compliant prediction trading, but that does not mean regulatory and product boundaries have already been fixed. What deserves closer attention is whether the new capital will be used for liquidity making, category expansion, or compliance expansion, and whether jurisdictions outside the U.S. can replicate the same licensing narrative.