Morgan Stanley Joins Kalshi’s $1B Round, Supports $200M Extension at $22B Valuation
Morgan Stanley joined Coatue, Sequoia, a16z, IVP, Paradigm and ARK in Kalshi’s $1B Series-F round valued at $22B and will also participate in an additional $200M extension. Kalshi’s monthly trading volume tripled to $14B in April, with $11.3B traded since early May and an annualized run rate above $1.5B.
1. Funding Round Extension
Kalshi has expanded its Series-F financing by raising an additional $200 million on top of a $1 billion round led by Coatue Management. Despite the influx of new capital, the company’s valuation remains fixed at $22 billion.
2. Investor Participation
In addition to the lead investor, this funding expansion saw participation from Sequoia Capital, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley and ARK Invest. Layer Global is also in discussions to join the extension but has not finalized its commitment.
3. Trading Volume and Financial Metrics
Kalshi’s platform saw monthly trading volume triple to $14 billion in April, with $11.3 billion of volume recorded since the start of May. The exchange’s annualized revenue run rate now exceeds $1.5 billion, driven largely by event-based and sports contract trading.