Kalshi secures $1B in funding at an $11B valuation, doubling its worth in less than two months

Kalshi Secures $1 Billion in New Funding, Reaching $11 Billion Valuation

Kalshi, a prediction market platform where users can wager on upcoming events, has announced a successful $1 billion funding round, boosting its valuation to $11 billion. This news confirms earlier reports from TechCrunch.

The investment was spearheaded by Paradigm, a previous backer, and included contributions from Sequoia Capital, Andreessen Horowitz, Capital G, and other returning investors. This latest capital injection follows closely on the heels of Kalshi’s recent $300 million raise at a $5 billion valuation, which took place less than two months ago.

While Kalshi gained significant traction last year as people flocked to predict the results of the 2024 U.S. presidential election, The New York Times notes that a substantial share of the platform’s activity is actually centered around sports-related predictions.

Looking ahead, Kalshi is expected to unveil a collaboration with CNN. The company also anticipates further expansion as more businesses turn to its platform to manage risks tied to factors like government shutdowns or unpredictable weather conditions.

Meanwhile, Polymarket—Kalshi’s chief competitor—was reportedly in discussions to secure additional funding at a valuation between $12 billion and $15 billion, according to Bloomberg’s October coverage.