Kalshi raises $1B at $40B valuation to expand into crypto perpetual futures

Prediction market platform Kalshi has raised $1B at a $40B valuation, a major capital injection for a regulated venue. The company is expanding into crypto and stock perpetual futures, moving beyond event contracts into direct competition with established derivatives exchanges. Traders should watch whether Kalshi's regulated perp offerings pull volume from offshore venues and how regulators respond to the expansion.