Kalshi raises $1B at $22B valuation

Kalshi announced Thursday that it raised $1 billion in a Series F financing at a $22 billion valuation. The round was led by Coatue and included Sequoia Capital, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley and Ark Invest.

The prediction-market platform reported roughly 2 million monthly users and said it now handles about 90% of U.S. prediction market activity.

Kalshi reported $1.5 billion in annualized revenue and annualized trading volume of $178 billion, up from $52 billion six months earlier. Weekly trading reached about $3 billion, compared with roughly $100 million a year ago.

Co-founder and CEO Tarek Mansour described the pace of growth, adding, “There are few categories in recent history that have scaled this quickly outside of AI. Event contracts could become a trillion-dollar market, and we’re still in the early stages of that transition.”

Philippe Laffont, founder of Coatue, wrote in a statement that “Kalshi is building the leading platform for trading in real-world events. Consumers have already embraced it, and we believe institutions will follow.”

Kalshi faces competition from crypto-native rivals. One rival is reported to be seeking about $400 million in funding at a $15 billion valuation. In March, Kalshi and that platform together reported roughly $150 billion in lifetime trading volume.

Analysts project rapid sector expansion. Bernstein estimates total prediction-market volumes could reach $240 billion this year and grow to about $1 trillion by 2030, implying a compound annual growth rate near 80%.

The sector has drawn regulatory attention. The U.S. Senate passed a resolution barring senators and their staff from participating in prediction markets that allow bets on political outcomes and other events lawmakers might have advance knowledge of. Several states have filed lawsuits against platforms, and the Commodity Futures Trading Commission has intervened in some disputes to assert federal jurisdiction.

Insider-trading allegations have also emerged. In late April, a U.S. Army master sergeant was charged with using confidential information to win more than $400,000 on a rival platform in bets tied to the reported removal of Venezuela’s president; the servicemember has pleaded not guilty.

Kalshi presents itself as a regulated, U.S.-based exchange for event contracts. Executives indicated the new capital will be used to expand product offerings and liquidity and to support regulatory and institutional engagement.