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

Predictive market giant Kalshi has raised a $1 billion round, giving it a $22 billion valuation, a person familiar with the matter said. Declutter. The news was originally reported by The Wall Street Journal.

The deal has roughly doubled Kalshi’s valuation from its original value last round in Decemberwhen investors valued the company 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 round of funding was led by Coatue Management, the source said. Kalshi declined to comment when asked to confirm the news Declutter.

Money is flowing into the sector at a blistering pace. A buzzy Assurance report last summer it was estimated that the 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 hampered by an attempt by the Commodities and Futures Trading Commission to block its election contracts in September 2023.

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

Since then, the fundraising process has accelerated significantly 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 another $300 million at a $5 billion valuation, joined by Sequoia, Andreessen Horowitz, Paradigm and others, as the company announced plans to expand to more than 140 countries. The jump to an $11 billion valuation was announced in December, thanks to an additional $1 billion investment.

Its rival, Polymarket, saw its own valuation rise to $9 billion in October 2025, when Intercontinental Exchange, the parent company of the New York Stock Exchange, completed a $2 billion investment. The news came as Polymarket CEO Shane Coplan was named the youngest “self-made billionaire” according to a US newspaper Bloomberg report at the time.

Decoding reporter André Beganski contributed to this report.