Kalshi valuation surpasses Flutter and DraftKings after Utah charges

Kalshi valuation reached $40 billion after it raised $1 billion on 29 October. This puts Kalshi ahead of Flutter and DraftKings, which were worth $24 billion together at the end of that day.

Funding growth and business expansion

Wellington Management and Sequoia Capital led the funding round. The company has raised $3.3 billion in four rounds since October 2025. It was worth $5 billion in October 2025, $11 billion in December, and $22 billion in May 2026.

Its value has grown eight times in just over a year and almost doubled since May 2026. The company plans to use the new money to make new markets, like bets on future computer costs. It also wants to grow in Latin America and Europe.

On 26 October, the company said it will work with S&P Dow Jones Indices. This deal makes it a top place for event bets linked to S&P indices. S&P will also help make new indices from the company’s event data.

Revenue split and market share

The company said it made over $1 billion a year from business outside sports bets. Bloomberg said its total yearly revenue was about $4 billion in August 2026. This means sports bets, which are at the heart of a Utah court case, bring in about three quarters of its money.

The company handled almost 76 percent of all prediction trades across nine sites in the 30 days to 29 October. That was $91.7 billion out of $121.2 billion in total trades. Its business in goods like oil or gold reached over $100 million in yearly trading fees in three months.

Utah legal case and federal court actions

On 28 October, Utah charged the company and its co-founders, Tarek Mansour and Luana Lopes Lara, over sports bets. The state says sports bets on the site break Utah’s gambling ban. The case has 14 charges, with 12 for online gambling promotion and one for a pattern of illegal acts.

The charges are based on bets by one agent, who staked $114.87 on 12 bets and lost $25.10. The company said Utah is playing politics. Utah’s attorney general said federal rules put no company above state law. On 4 August, a U.S. judge said Utah’s gambling ban covers the company, even with federal rules.

On 8 September, the Tenth Circuit said no to the company’s request for short-term protection during its appeal. The United States and the CFTC filed a suit on 26 October. They want a court to say federal rules come first and to stop Utah from acting against CFTC-ruled sites until the case ends.