Kalshi raises $1 billion at $22 billion valuation

Prediction-market platform Kalshi Inc. raised more than $1 billion in a funding round led by Coatue Management, valuing the company at $22 billion — twice its December valuation. That prior $1 billion round was led by Paradigm, with participation from Sequoia Capital, ARK Invest, Andreessen Horowitz and CapitalG.

The new investment underscores continued investor interest despite criticism over insider trading and manipulation. Trading volume on the platform exceeded $10 billion in February, roughly 12 times its level six months earlier, per KalshiData; rival Polymarket has grown at a similar pace while focusing mainly outside the U.S.

Kalshi’s annualized revenue is currently $1.5 billion. Founded in 2018 and regulated as a financial exchange, Kalshi offers contracts tied to a wide array of real-world events and received permission to offer trading on the outcome of the 2024 U.S. presidential election.

United States

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