S&P Global is extending its index business into prediction markets through a partnership between S&P Dow Jones Indices and Kalshi.
This comes as the financial information provider continues to expand its digital asset strategy following its completed acquisition of blockchain security firm OpenZeppelin.
Announced on October 26, the agreement will allow Kalshi to offer event contracts linked to S&P Dow Jones Indices benchmarks. Meanwhile S&P Dow Jones Indices will use Kalshi’s event contract data to develop new indices tracking real-world outcomes.
The partnership brings together S&P Global’s benchmark expertise and Kalshi’s prediction-market data. It opens a new route for financial products built around expectations of future events.
What is the S&P Global and Kalshi Deal About
Under the agreement, forthcoming Kalshi event contracts will settle against official index values published by S&P Dow Jones Indices. The companies will also explore indices covering economics, politics and sports, using market prices to track how expectations change over time.
Kalshi CEO and co-founder Tarek Mansour described the partnership as an extension of the model that helped make traditional stock-market indices central to global finance.
“The Dow launched in 1896. The S&P 500 in 1957,” Mansour wrote in a LinkedIn post. “The idea was simple: bring individual stocks together into a single benchmark, giving people a clearer view of the broader market.”
According to Mansour, more than $20 trillion is indexed or benchmarked to the S&P 500 alone. He argued that the next step is to apply a similar approach to the events that shape economies, businesses and everyday life.
“Through this partnership, S&P Dow Jones Indices and Kalshi will work together to create indices composed of Kalshi event contracts,” he wrote.
Mansour outlined several potential applications. This includes an index tracking political power, another measuring supply-chain risks and one following artificial intelligence’s impact on employment. He also pointed to sports outcomes that affect broadcasters, advertisers and cities, as well as weather risks influencing harvests, energy demand and business revenues.
Each index could combine multiple event contracts into a single indicator, helping businesses and investors monitor changes in expectations across a category of events.
“Over time, products built around these indices could offer diversified exposure to those events and new ways to hedge their impact,” Mansour wrote.
The companies have not yet disclosed specific launch dates, index methodologies or the financial terms of the agreement. Recently, Kalshi partnered with Bitgo too to offer Bitcoin and Ethereum-backed loans for futures trading.
OpenZeppelin acquisition expands S&P Global’s onchain strategy
The Kalshi partnership comes as S&P Global builds out its capabilities across blockchain infrastructure and digital asset markets.
On October 26, S&P Global also announced that it had completed its acquisition of OpenZeppelin, a company specialising in smart contract security, blockchain infrastructure and open-source development tools.
S&P Global first announced the transaction on September 17. The financial terms were not disclosed, and the company said the deal was not expected to have a material impact on its financial results.
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The acquisition extends S&P Global’s risk assessment capabilities into the technology layer underpinning onchain financial products. OpenZeppelin will continue operating as a separate business unit under its existing name, with founder Demian Brener remaining at the helm.
Further, OpenZeppelin is one part of S&P Global’s broader expansion into digital assets.
In September, S&P Dow Jones Indices and crypto market data provider Kaiko consolidated their digital asset index offerings under the S&P Kaiko Digital Asset Indices brand. The suite covered more than 4,000 rates and indices across digital assets at launch. It combined Kaiko’s crypto data infrastructure and exchange connectivity with S&P Dow Jones Indices’ benchmark administration and distribution capabilities.
And now S&P Global’s partnership with one of the leading prediction markets expands the firm’s digital assets strategy furthermore.
Sneha Agrawal 
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