The round had been in the works since August, when Sequoia and Wellington were first reported to be in advanced talks to back the prediction market at a $40 billion valuation. Kalshi has now confirmed a $1 billion Series G at that price.

Sequoia and Wellington co-led the round. Wellington, an asset manager known for backing companies ahead of their IPOs, joins as a new investor, while the final size came in above the at least $750 million initially discussed.

Kalshi says it now earns over $1 billion in annualized revenue from non-sports markets alone.

The figure points to demand for event contracts beyond sports, as the company enters the round as one of the largest players in prediction markets.