According to CoinMeta, and as reported by The New York Times, the forecasting market platform Kalshi has completed a $1 billion Series G financing round, raising its valuation to $40 billion, a significant increase from $22 billion in May of this year. This is nearly twice the latest valuation of $21 billion for its competitor Polymarket. This financing round was led by Sequoia Capital and Wellington Management, with participation from Morgan Stanley Investment Management, a16z, Coatue Management, and others. The co-founder of Kalshi and CEO Tarek Mansour stated that the company has discussed IPO, but did not disclose any specific plans. He also mentioned that non-sports business revenue of Kalshi has exceeded $1 billion, and the growth rate of cryptocurrency-related business has surpassed that of the sports business.