Kalshi Raises $1 Billion to Double Valuation to $22 Billion: Reports

Prediction market giant Kalshi has raised a $1 billion round and, with it, clinched a $22 billion valuation, a person familiar with the matter told Decrypt. The news was originally reported by The Wall Street Journal.

The deal has roughly doubled Kalshi’s valuation from its last round in December, when investors valued the business at $11 billion. That round was led by Paradigm and included investments from Cathie Wood’s Ark Invest, and venture capital giants Andreessen Horowitz and Sequoia Capital.

This new funding round was led by Coatue Management, the source said. Kalshi declined to comment when asked to confirm the news by Decrypt.

Money has been flowing into the industry at a blistering pace. A buzzy Certuity report from last summer estimated that prediction markets could reach $95.5 billion by 2035, with a compound annual growth rate of 46.8%.

Kalshi was founded and launched in June 2021, but the company was stymied by an attempt by the Commodities and Futures Trading Commission to block its election contracts in September 2023.

The prediction markets startup took the matter to court and got a favorable district court ruling in September 2024, but the CFTC appealed, leaving Kalshi waiting to see if the ruling would hold. The regulator voluntarily dismissed its appeal in May 2025, effectively giving Kalshi the green light to offer election contracts.

Since then, its fundraising trajectory has accelerated sharply over the past year. In June 2025, the company raised $185 million at a $2 billion valuation in a Series C round led by Paradigm, with participation from Sequoia, Multicoin, and others—catapulting it to unicorn status.

By October, Kalshi had raised an additional $300 million at a $5 billion valuation, with Sequoia, Andreessen Horowitz, Paradigm, and others participating, as the company announced plans to expand into more than 140 countries. The jump up to an $11 billion valuation was announced in December, thanks to an additional $1 billion investment.

Its competitor, Polymarket, saw its own valuation reach $9 billion in October 2025 as Intercontinental Exchange, the New York Stock Exchange’s parent company, completed a $2 billion investment. The news came alongside Polymarket CEO Shane Coplan being dubbed the youngest “self-made billionaire” according to a Bloomberg report at the time.

Decrypt reporter André Beganski contributed to this report.