- Kalshi has closed a $1B Series F at a $22B valuation, led by Coatue with Sequoia, a16z, IVP, Paradigm, Morgan Stanley, and ARK Invest
- The valuation doubled since December, when Kalshi raised at $11B
- Annualised revenue now exceeds $1.5B, with institutional trading volume up 800% in six months
Kalshi, the first U.S.-regulated, web-based prediction market exchange, has raised $1 billion in a Series F round, valuing the company at $22 billion, reports TechCrunch.
The round was led by Coatue, with Sequoia, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley, and ARK Invest participating. It is Kalshi’s third funding round in seven months.
Founded in 2018 by MIT graduates Tarek Mansour and Luana Lopes Lara, Kalshi spent years fighting the CFTC for the legal right to operate event contract markets in the US. That regulatory moat is now its most valuable asset.
Prediction markets let users trade contracts linked to the outcome of future events. What began largely as a consumer-driven category is now drawing hedge funds, asset managers, proprietary trading firms, and insurers, which are increasingly using event contracts to hedge risk and track market expectations in real time.
The competitive landscape is consolidating fast around two players. Polymarket, Kalshi’s biggest rival, dominates internationally but remains blocked from the US market, and is reportedly raising $400 million at a $15 billion valuation, roughly a third of Kalshi’s current worth.
The platform accounts for over 90% of US prediction market activity and the majority of global volume. Annualised trading volume has more than tripled in six months, from $52 billion to $178 billion, the company claims.
The new capital will be used to deepen its push into the institutional market. That includes expanding broker integrations, building more risk-focused products, and scaling recently launched block-trading tools for larger investors.
