Two of the biggest venture rounds of late October went to companies in very different markets. Kalshi, the New York prediction-market exchange, raised a $1 billion Series G at a $40 billion post-money valuation. In Canada, Cohere announced an initial close of a Series E that is targeting up to C$7 billion (about US$4.49 billion).
Kalshi: $1B Series G at $40B
Sequoia and Wellington co-led the round, which was announced around 29–30 October. Kalshi says its annualized trading volume is now above $1 trillion. That figure explains the valuation: investors are paying for an exchange that already has volume, not for a product that still has to find users.
The money will most likely go to compliance, market infrastructure and customer growth. Those are the budgets that open up after a round like this. Regulated exchanges tend to buy surveillance and risk tooling, data infrastructure, payments and identity verification, legal and policy support, and performance marketing.
Cohere: a Series E targeting up to C$7B
Schwarz Group led Cohere’s Series E. Nvidia and the Government of Canada are among the participants. Cohere has not said how much it raised in the initial close. Reuters reported a valuation of about C$36 billion, but the company has not fully confirmed its terms, so treat that number as reported rather than confirmed.
The investor list tells you where the round is aimed. A European retail group, a chip supplier and a national government all have a stake in enterprise AI that runs under local control. Expect Cohere to spend on compute, data-centre capacity, enterprise sales and partner programmes. Firms selling GPU capacity, security and compliance, or systems integration in regulated industries now have a better-funded buyer.
Why these two rounds matter to sellers
Large late-stage rounds move quickly into hiring and vendor contracts. The useful question for a sales team is who just got capital and what they need to buy next. Kalshi’s needs centre on scale and regulation. Cohere’s centre on compute and enterprise distribution. Both will be building out teams over the coming quarters.
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Sources: Crunchbase News; TechStartups, 30 October 2026. Featured image: Kalshi advertisement screenshot, Wikimedia Commons, public domain.