Kalshi Raises $1 Billion, Hits $22 Billion Valuation

Prediction market giant Kalshi has secured a massive $1 billion investment, catapulting its valuation to $22 billion according to a person familiar with the matter. This news, originally reported by The Wall Street Journal, marks a dramatic doubling of the company’s worth since its last funding round in December. The deal was led by Coatue Management, although Kalshi declined to comment when asked to confirm.

Kalshi’s valuation has accelerated sharply over the past year. It raised $185 million at a $2 billion valuation in June 2025, then $300 million at a $5 billion valuation in October. Consequently, the company has now raised an additional $1 billion in December and another $1 billion in this latest round. Money has been flowing into the industry at a blistering pace, with a buzzy Certuity report from last summer estimating prediction markets could reach $95.5 billion by 2035.

Kalshi was founded and launched in June 2021, but faced regulatory hurdles. The Commodities and Futures Trading Commission attempted to block its election contracts in September 2023. However, after a favorable district court ruling and the CFTC voluntarily dismissing its appeal in May 2025, Kalshi received the green light to offer election contracts.

Meanwhile, its competitor Polymarket was valued at $9 billion in October 2025 following a $2 billion investment from Intercontinental Exchange. The funding rounds for both platforms underscore the intense competition and investor enthusiasm within the burgeoning prediction markets space.

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