Kalshi's $40 Billion Is 10 Times Run-Rate Revenue; Bedrock's Has No Revenue Figure

Kalshi's $1 billion Series G at a $40 billion valuation prices the prediction-market company at roughly 10 times its run-rate revenue, while Bedrock Robotics' $600 million Series C at $4.1 billion is 2.3 times its February valuation, with no revenue figure disclosed.

Both rounds led the Crunchbase News list of the week's 10 biggest rounds, published Oct. 30 by Joanna Glasner. The two companies sit at opposite ends of what a valuation can rest on.

Kalshi: five valuations in 16 months

Sequoia Capital and Wellington Management co-led the Series G, Tech Funding News reported on Oct. 30. The $40 billion post-round valuation is up 82 percent from $22 billion in May 2026.

1. June 20252 $ billion
2. Oct. 20255 $ billion
3. Dec. 202511 $ billion
4. May 202622 $ billion
5. Oct. 202640 $ billion

Source: Tech Funding News, Oct. 30, 2026

The Information reported annualised revenue of "well over $4 billion" in August, up from more than $1.5 billion at Series F, Tech Funding News said. The outlet's own calculation puts the valuation at about 10 times that run rate. Revenue was not confirmed by Kalshi in the article, and annualised means a recent period scaled up to a year.

In September Kalshi reported 500 institutional clients, which made up 25 percent of volume excluding market makers. Bloomberg reported this is likely the last round before an initial public offering that could come as early as 2027. Tech Funding News adds that the IPO case rests on a legal argument that federal law overrides state gambling law.

Bedrock Robotics: 2.3 times in eight months

Bedrock announced its $600 million Series C on Oct. 26, co-led by CapitalG and Emergence Capital at $4.1 billion post-money, The Next Web reported. In February 2026 the company raised $270 million at $1.75 billion, so the valuation rose about 2.3 times, by The Terminal's arithmetic. Total raised is nearly $1 billion.

New investors are US Innovative Technology Fund, Bessemer Venture Partners and Temasek. Existing backers include Nvidia, 8VC and Valor Equity Partners.

The company says its autonomous excavators have done paid work with no operator on live job sites since mid-August 2026, and names seven customers, including Wagner Construction in Minnesota and C.W. Matthews in Georgia. It gave no count of machines or sites and did not disclose revenue. Boris Sofman, co-founder and chief executive, said the company has "proven that fully autonomous excavators can perform real work of value alongside the crews."

Kalshi has a revenue number to divide by. Bedrock has about 10 weeks of paid operation to point to, counting from mid-August to Oct. 26, and no revenue to divide.

The rest of the week's top five

Company	Amount	Valuation	Sector
Re:Build	$2.1 billion	Not given	Manufacturing
Kalshi	$1 billion	$40 billion	Prediction markets
Bedrock Robotics	$600 million	$4.1 billion	Construction tech
Dren Bio	$350 million	Not given	Biotech
Group 14 Technologies	$169 million	Not given	Battery tech

General Catalyst and JPMorganChase led Re:Build, according to Crunchbase. Lightspeed Venture Partners and Juvia Group led Dren Bio.

Money concentrating in fewer rounds

A separate Crunchbase analysis by Marlize van Romburgh, published Nov. 2, says about one-third of third-quarter funding went to 27 companies raising rounds of $1 billion or more. North American funding rose 50 percent from a year earlier to $92 billion, while reported deal counts fell 16 percent over the same period, the lowest quarterly count since 2023. Venture spending reached nearly $680 billion through the third quarter.

A different company that sold on its financing terms is the Thrive Holdings offer for ADT, and a robotics listing that shrank its raise is Agility Robotics' SPAC.

Kalshi's IPO is the next test of the 10-times figure. Bloomberg's reported earliest date is 2027.