The prediction market Kalshi completed a $1 billion funding round at an $11 billion valuation after achieving its best monthly trading volume ever in November.
Confirming earlier reports by TechCrunch, Kalshi announced on Tuesday that its latest Series E funding round was led by the cryptocurrency-focused venture capital firm Paradigm, with participation from other crypto venture firms Sequoia, Andreessen Horowitz, and Cathie Wood's ARK Invest.
"Kalshi is replacing debate, subjectivity, and idle talk with markets, accuracy, and truth," said Kalshi CEO Tarek Mansour. "We have created a new way to consume and engage with information."
Kalshi raised $1B at an $11B valuation. A decade ago, only a few thousand people knew what a prediction market was. Eighteen months ago, most prediction markets were banned - until we overcame the government to set them free. Over the past seven years, our community has opened… pic.twitter.com/hGDkYxkSlh
"Kalshi is replacing debate, subjectivity, and idle talk with markets, accuracy, and truth," said Kalshi CEO Tarek Mansour. "We have created a new way to consume and engage with information."
The latest funding has more than doubled Kalshi's valuation from the $5 billion valuation it received during its $300 million funding round in October, as the use of prediction markets (platforms that allow betting on everything from sports to geopolitical events) has surged.
Kalshi stated that it will use the latest funding to integrate more brokers, establish partnerships with news organizations, and expand its product offerings.
Kalshi and its closest competitor Polymarket set monthly trading volume records in November, as these platforms benefited from broader adoption through integration with other products.
According to Token Terminal, Kalshi's trading volume reached $4.54 billion in November, surpassing its previous record of $4.49 billion set in October.
Kalshi reported that its trading volume has increased by 1000% since 2024, currently exceeding $1 billion in weekly trading volume.
The platform has surpassed Polymarket, which recorded a record $3.76 billion in trading volume in November, continuing to grow from its previous best month of $3 billion in October.
As the trading volumes of Kalshi and Polymarket surged, both companies signed agreements to integrate into other platforms, having carefully positioned their products as a way to crowdsource probabilities.
Last month, Google announced that as part of its AI-focused revamp of its financial data platform Google Finance, it is adding odds from Kalshi and Polymarket to its search results.
It was also discovered last month that major cryptocurrency exchange Coinbase is developing a website for prediction market platforms, indicating that the platform will be powered by Kalshi.
Reports suggest that Polymarket is also in negotiations with investors for funding, with a valuation between $12 billion and $15 billion. The company raised $200 million in June, led by Peter Thiel's Founders Fund, at a valuation of $1 billion.
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Original article: “Kalshi raises $1 billion at an $11 billion valuation after achieving the best monthly trading volume”
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