Prediction market Kalshi nearly doubled its valuation to $40 billion after raising $1 billion in a Series G co-led by Wellington and Sequoia.
8:01 PMFinextra9 stories from 5 sources
Investors Fund AI and Prediction Markets as New Infrastructure
Day’s Recap
Supporting Articles
Prediction market Kalshi announced a $1 billion Series G financing round that values the company at $40 billion. It said the capital will advance its goal of building a financial exchange that gives individuals, businesses, and institutions more direct ways to act on forecasts.
3:11 PMPYMNTSPrediction market platform Kalshi reached a $40 billion valuation in its latest funding round, up from $5 billion one year ago.
8:05 AMCNBC
Canadian AI company Cohere announced a $5 billion financing round to build what it calls a sovereign alternative to AI systems controlled by major US and Chinese technology companies. The company rejects the idea that advanced AI will inevitably be monopolized by a few frontier labs.
4:49 PMPYMNTS
Serval raised $150 million at a $3 billion valuation in a Sequoia-led round, with the firm increasing its backing. The startup is targeting ServiceNow, while ServiceNow argues that AI lowers the barrier to starting a company but does not make running an enterprise easier.
2:34 PMFortune8:01 PMFinextra
Kalshi valuation jumps to $40 billion on latest raise
Summary
Prediction market Kalshi nearly doubled its valuation to $40 billion after raising $1 billion in a Series G co-led by Wellington and Sequoia.
Kalshi has moved into a rare tier of private-market scale, with its valuation doubling within
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Kalshi's repricing shows how aggressively major investors are backing prediction markets as a new financial and information product.
3:11 PMPYMNTS
Kalshi Becomes $40 Billion Company With New Funding Round
Summary
Prediction market Kalshi announced a $1 billion Series G financing round that values the company at $40 billion. It said the capital will advance its goal of building a financial exchange that gives individuals, businesses, and institutions more direct ways to act on forecasts.
Kalshi's new valuation treats prediction markets as exchange infrastructure rather than a niche betting product.
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
A $40 billion valuation signals that investors see tradable forecasts as a potentially mainstream financial market.
8:05 AMCNBC
Kalshi valuation jumps to $40 billion in latest funding round
Summary
Prediction market platform Kalshi reached a $40 billion valuation in its latest funding round, up from $5 billion one year ago.
Kalshi's valuation has increased eightfold in a year, signaling that investors now see prediction markets
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The round marks a dramatic shift in investor expectations for prediction markets and gives Kalshi far more capital and influence as it navigates regulation.
4:49 PMPYMNTS
Cohere Raises $5 Billion for Alternative AI Vision
Summary
Canadian AI company Cohere announced a $5 billion financing round to build what it calls a sovereign alternative to AI systems controlled by major US and Chinese technology companies. The company rejects the idea that advanced AI will inevitably be monopolized by a few frontier labs.
Cohere is using capital to turn geopolitical diversification into a core product strategy. Governments and
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The round shows that sovereign AI is becoming a major investment thesis, not only a policy goal.
2:34 PMFortune
‘It was just a fight that we decided to pick’: Serval raises $150 million at a $3 billion valuation to take on ServiceNow
Summary
Serval raised $150 million at a $3 billion valuation in a Sequoia-led round, with the firm increasing its backing. The startup is targeting ServiceNow, while ServiceNow argues that AI lowers the barrier to starting a company but does not make running an enterprise easier.
Serval now has substantial capital to challenge an established enterprise software incumbent. The contest will
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The round tests whether AI-native startups can displace entrenched enterprise platforms, not merely build cheaper alternatives.
Other Developments
A curated list of other prominent stories from this day.
PhotonPay, which is building a stablecoin-focused financial operating system, raised $40 million in a Series C led by Blockchain Capital.
8:01 PMFinextra
AI assistant startup Wabi reportedly raised $55 million at a $1.25 billion valuation. The funding will support software that lets groups use AI to coordinate activities and make decisions together.
4:04 PMPYMNTS
Dream is building an AI world model for construction that incorporates real-world physics and construction standards. It trained the system on more than 100 million square feet of building data drawn from U.S. permit archives.
12:21 PMTechCrunch8:01 PMFinextra
PhotonPay raises $40m for stablecoin-centric financial OS
Summary
PhotonPay, which is building a stablecoin-focused financial operating system, raised $40 million in a Series C led by Blockchain Capital.
The financing gives PhotonPay more capital to turn stablecoin infrastructure into a broader financial platform.
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The round reinforces stablecoins as a growing startup category in financial infrastructure.
4:04 PMPYMNTS
Wabi Raises $55 Million For AI Assistant to Coordinate Groups
Summary
AI assistant startup Wabi reportedly raised $55 million at a $1.25 billion valuation. The funding will support software that lets groups use AI to coordinate activities and make decisions together.
Wabi is positioning AI as a layer for collective action rather than an individual productivity
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The deal pushes AI assistants toward shared decision-making, where governance and accountability matter as much as automation.
2 stories · 2 sources
12:21 PMTechCrunch
Ex-Palantir execs launch Dream with $17M from a16z to build AI world models for construction
Summary
Dream is building an AI world model for construction that incorporates real-world physics and construction standards. It trained the system on more than 100 million square feet of building data drawn from U.S. permit archives.
The decisive shift is the move from general-purpose language models to construction-specific systems grounded in
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Construction AI becomes more credible when models can reason about physical structures and regulatory limits, not just generate text.
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