Kalshi, a prediction‑market platform, secured a $1 billion financing round that values the company at $11 billion, people familiar with the deal told Techcrunch on Nov. 20, 2025; the round was led by returning backers Sequoia and CapitalG and included investors such as Andreessen Horowitz, Paradigm, Anthos Capital and Neo, according to the report. The raise follows an Oct. fundraise that valued Kalshi at $5 billion and comes as the platform reported dramatic growth — reaching $50 billion in annualized trading volume in mid‑October — driven in part by high‑profile political markets and marketing efforts during the New York mayoral race.

Kalshi allows users in more than 140 countries to trade event contracts and has benefited from heightened attention after correctly forecasting recent elections, though the company faces ongoing legal and regulatory scrutiny in several U.S. states despite winning a CFTC suit last year that preserved Americans’ access to its platform; Kalshi and Sequoia declined to comment on the Techcrunch report, and CapitalG did not respond to requests for comment as of Nov. 20, 2025.

Read More: Kalshi Raises $300 Million Reaching a $5 Billion Valuation as Prediction Markets Go Mainstream

How much did Kalshi raise and at what valuation? — Kalshi raised $1 billion at an $11 billion valuation, per Techcrunch on Nov. 20, 2025.
Who led the funding round? — The round was reportedly led by returning investors Sequoia and CapitalG, with participation from firms including a16z and Paradigm.
What drove Kalshi’s recent growth? — The company cited surging trading volume — about $50 billion annualized in mid‑October — and visibility from political markets and marketing campaigns.
Are there regulatory risks for Kalshi in the U.S.? — Yes — Kalshi has legal wins with the CFTC but faces lawsuits and challenges from multiple state regulators accusing its markets of constituting illegal gambling.

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