Prediction market platform Kalshi has raised $1 billion in new funding, doubling its valuation to $22 billion. The round was led by Coatue Management and follows a rapid series of valuations climbing from $2 billion to $11 billion over the past year. Rival Polymarket was valued at $9 billion in October following a major investment.
Prediction market giant Kalshi has raised a $1 billion round, achieving a $22 billion valuation. The Wall Street Journal originally reported the news, which was confirmed by a person familiar with the matter.
This new funding round was led by Coatue Management. The raise doubles Kalshi’s valuation from its December round, which was led by Paradigm and included Ark Invest, Andreessen Horowitz, and Sequoia.
Kalshi’s fundraising trajectory has accelerated sharply. In June 2025, the company raised $185 million at a $2 billion valuation in a Series C round led by Paradigm. By October, Kalshi had raised an additional $300 million at a $5 billion valuation, with plans to expand into more than 140 countries.
Its competitor, Polymarket, saw its own valuation reach $9 billion in October 2025 as Intercontinental Exchange completed a $2 billion investment. Kalshi was founded and launched in June 2021 but faced regulatory challenges from the Commodities and Futures Trading Commission regarding its election contracts.
The company took the matter to court and received a favorable district court ruling in September 2024. The regulator voluntarily dismissed its appeal in May 2025, effectively allowing Kalshi to offer election contracts. A Certuity report estimated that prediction markets could reach $95.5 billion by 2035.
