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Kalshi has doubled its valuation again after a year of fast growth across sports event contracts, financial markets, politics, and other real-world event trading.
Good to Know
Kalshi has raised $1 billion at a $22 billion valuation, giving the prediction market operator another large funding round during a period of rapid user and institutional activity.
Coatue led the round. Sequoia Capital, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley, and ARK Invest also took part. The Wall Street Journal reported on March 19 that Kalshi was on track for the same $22 billion valuation, after the company reached $11 billion in its prior round.
Philippe Laffont, founder of Coatue, said: “Kalshi is building the leading platform for trading in real-world events. Consumers have already embraced it, and we believe institutions will follow.”
Kalshi now accounts for more than 90% of trading activity in the US prediction market sector. The company also said institutional trading volume rose 800% over the last six months.
Trading volume has grown even faster on a year-over-year basis. Annualized volume reached $178 billion in April, compared with $5.5 billion in April 2025. That made the latest figure 32 times larger than the year-earlier level.
Sports event contracts helped bring Kalshi into wider public view during the NFL season. Those contracts let users trade on game outcomes, giving them a way to profit when their predictions prove correct. The format can look similar to online sports betting for the user, but Kalshi operates under a different framework.
Prediction market prices change based on real-time buying and selling from users. Sportsbooks, by comparison, set odds and take bets against customers. In simple terms, Kalshi runs closer to a peer-to-peer market, while a sportsbook runs a peer-against-house model.
Regulation creates the bigger divide. Kalshi and other prediction market platforms operate under the Commodity Futures Trading Commission. Sportsbooks need state gaming licenses. That federal structure has allowed prediction platforms to offer contracts, including sports-related markets, in states without legal sports betting.
State officials and gaming regulators have pushed back, and legal fights continue. Even so, user interest grew last year across Kalshi and rival prediction market operators.
The new $1 billion round also follows two earlier raises. Kalshi secured $300 million at a $5 billion valuation in August, then accepted another $1 billion at an $11 billion valuation in December.