Kalshi raises $1B at $40B valuation as it expands into crypto and stock perpetual futures

The prediction market operator's valuation has climbed 82% in five months as it moves beyond event contracts to compete with established financial exchanges. Prediction market operator Kalshi has raised $1 billion in a funding round valuing the company at $40 billion, as it accelerates plans to expand into cryptocurrency derivatives, stock perpetual futures and other financial markets. The funding round , announced Thursday, was co-led by Sequoia Capital and Wellington Management, with participation from Tiger Global Management and Dragoneer Investment Group, according to Reuters.