Kalshi, a leading prediction markets platform, has completed a $1 billion funding round that values the company at $22 billion, according to a person familiar with the matter. The round was led by Coatue Management and represents a sharp acceleration in the company’s growth trajectory. Kalshi declined to confirm the details when contacted for comment. The news was first reported by The Wall Street Journal.
The latest round roughly doubles Kalshi’s valuation from its previous raise in December, when the company was valued at $11 billion. That earlier round was led by Paradigm and included participation from Ark Invest, founded by Cathie Wood, as well as venture capital firms Andreessen Horowitz and Sequoia Capital. The pace of investment into the prediction markets sector has been notable, with one industry report estimating the market could reach $95.5 billion by 2035, growing at a compound annual rate of 46.8%.
Kalshi was founded and began operations in June 2021, but faced a significant legal obstacle when the Commodities and Futures Trading Commission moved to block its election contracts in September 2023. The company challenged the decision in court and secured a favorable district court ruling in September 2024. The CFTC subsequently appealed that decision, leaving the company’s future in the space uncertain for several months.
The regulatory standoff was resolved in May 2025, when the CFTC voluntarily dismissed its appeal, effectively clearing Kalshi to offer election-related contracts. That development appeared to unlock a period of rapid fundraising for the company. In June 2025, Kalshi raised $185 million at a $2 billion valuation in a Series C round led by Paradigm, with Sequoia, Multicoin, and others participating, bringing the company to unicorn status.
By October 2025, Kalshi had raised an additional $300 million at a $5 billion valuation, with Sequoia, Andreessen Horowitz, and Paradigm among the participants. At that point, the company also announced plans to expand its services to more than 140 countries. The December raise, which added another $1 billion and pushed the valuation to $11 billion, set the stage for the current round.
Kalshi’s main competitor, Polymarket, has also attracted substantial investment. In October 2025, Intercontinental Exchange, the parent company of the New York Stock Exchange, completed a $2 billion investment in Polymarket, bringing its valuation to $9 billion. Around the same time, Polymarket CEO Shane Coplan was identified as the youngest self-made billionaire in a report by Bloomberg.
Originally reported by Decrypt.
