Story perspectives

Kalshi Raises $1B, Valuation Soars, Trump Sues States

5/8/2026

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Summary

Story summary

Kalshi raised $1 billion, doubling its valuation and cofounders’ fortunes to $2.6 billion.
Kalshi’s valuation rose from $2 billion in June 2025 to $22 billion by May 2026 as sports contracts made up over 70 % of activity.
Coatue led the $1 billion round with Sequoia Capital, Andreessen Horowitz, Morgan Stanley and ARK Invest.
Ten states sued Kalshi over its sports markets.
On April 2 President Donald Trump’s administration sued Connecticut, Arizona and Illinois, claiming exclusive federal authority.

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Story summary

Kalshi raised $1 billion, doubling its valuation and cofounders’ fortunes to $2.6 billion.
Kalshi’s valuation rose from $2 billion in June 2025 to $22 billion by May 2026 as sports contracts made up over 70 % of activity.
Coatue led the $1 billion round with Sequoia Capital, Andreessen Horowitz, Morgan Stanley and ARK Invest.
Ten states sued Kalshi over its sports markets.
On April 2 President Donald Trump’s administration sued Connecticut, Arizona and Illinois, claiming exclusive federal authority.