Kalshi, a San Francisco-based prediction market platform, announced a $300 million Series D funding round valuing the company at $5 billion, more than double its worth three months ago. The round was co-led by Andreessen Horowitz (a16z) and Sequoia Capital, with participation from Paradigm, Coinbase Ventures, General Catalyst, Spark Capital, and CapitalG.
Founded in 2018 by Luana Lopes Lara and Tarek Mansour, Kalshi offers a regulated platform approved by the Commodity Futures Trading Commission (CFTC) that lets traders speculate on event-based contracts. These contracts cover a wide variety of outcomes, from economic indicators and legislative decisions to sports and climate events.
This latest capital injection will fuel Kalshi’s ambitious global expansion, opening the platform to users across more than 140 countries. Kalshi distinguishes itself from regional competitors like PredictIt and Smarkets, enabling global traders to bet on the same events simultaneously, which enhances pricing accuracy and market depth.
Kalshi’s saw growth of trading volume has surged 200-fold in the past year, with a 20-fold increase in users, accounting now for more than 60% of worldwide prediction market activity.
Looking ahead, Kalshi plans to launch new event types and trading structures, deepen integrations with brokerages and financial institutions, and scale its global team and infrastructure to support large-scale, regulated trading.
“Prediction markets have always had worldwide relevance. Events don’t stop at borders, and now, neither does trading on them. Whether it’s elections, central bank decisions, sports, or climate, users across continents can trade directly on the outcomes that shape their world,” says the company.
