According to reports, the prediction market Kalshi—competitor to Polymarket—has completed a $185 million funding round, with the company valued at $2 billion, indicating growing investor interest in this emerging field.
According to The Wall Street Journal on Wednesday (June 25), this funding round was led by cryptocurrency investment firm Paradigm, with participation from venture capital firms Sequoia Capital, Multicoin Capital, and other investors.
CEO and co-founder Tarek Mansour stated that the funds will be used to expand Kalshi's technology team and integrate its prediction contracts into more brokerage platforms. Currently, Kalshi's contracts are available through Webull and Robinhood Markets. Prediction markets are gradually gaining attention as an alternative to traditional polling, with supporters arguing that by aggregating participants' collective expectations, prediction markets can provide more accurate forecasts. Kalshi was founded in 2018 by Mansour and Luana Lopes Lara, and according to PitchBook, the company has previously raised a total of $156 million.
Kalshi's latest funding comes as reports suggest its main competitor Polymarket is expected to complete a $200 million funding round at a $1 billion valuation. A key distinction between the two is that Kalshi is federally regulated and authorized to operate in the U.S., while Polymarket is not.
Kalshi's latest funding round follows key regulatory developments affecting its business.
In September 2024, the U.S. Commodity Futures Trading Commission (CFTC) appealed a court ruling that allowed Kalshi to continue offering contracts on political events.
The core of this legal dispute revolves around whether these contracts violate federal commodity laws regarding gambling restrictions. In May 2025, the CFTC moved to withdraw its appeal, clearing regulatory hurdles and potentially opening the door for regulation of political prediction markets in the U.S.
During the U.S. presidential election in November 2024, activity on Kalshi and Polymarket surged, providing a stress test for the appeal of prediction markets and helping to validate their value.
On Kalshi's website, users can make predictions on topics ranging from cryptocurrencies and the economy to weather and current events. According to Bloomberg Intelligence data, 79% of Kalshi's trading volume in March and early April came from the sports category. Kalshi has also had disputes with state regulators over its sports prediction contracts.
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Original article: “Reports say prediction market Kalshi raises $185 million at a $2 billion valuation”
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