Prediction market platform Kalshi has secured a massive $1 billion funding round, valuing it at $11 billion. This comes less than two months after the seven-year-old startup raised $300 million at a $5 billion valuation.
The latest round is led by returning investors Sequoia and CapitalG, alongside other notable firms like Andreessen Horowitz and Paradigm. Kalshi allows users in over 140 countries to bet on future events, ranging from elections and award ceremonies to outcomes years into the future.
The company’s main rival, Polymarket, has also seen significant growth in popularity after correctly predicting the results of the recent New York City mayoral election. The two companies have been vying for market share, with Kalshi reportedly purchasing ad space on subway cars during the campaign.
Kalshi’s growth has been meteoric, with its annualized trading volume reaching $50 billion in mid-October – a thousandfold increase from last year. The company was co-founded by two former hedge fund traders and operates in a gray area between financial instruments and traditional gambling.
However, Kalshi faces ongoing legal disputes with state regulators who claim its activities are illegal gambling. Despite this, the platform has secured the right for Americans to use it after successfully suing the Commodity Futures Trading Commission last year.
Source: https://techcrunch.com/2025/11/20/source-kalshis-valuation-jumps-to-11b-after-raising-massive-1b-round