Kalshi raises $300M at $5B to expand prediction markets globally

Kalshi raised more than $300 million at a $5 billion valuation and opened access to users in over 140 countries on Friday. The event-trading platform secured funding from Sequoia Capital, Andreessen Horowitz, Paradigm, CapitalG and Coinbase Ventures to fund the international expansion.

The company will operate outside the United States for the first time. Users in the new markets can trade on outcomes tied to sports, economics and current events. CEO Tarek Mansour said the platform will maintain one shared liquidity pool across all 140 countries.

The same week, Intercontinental Exchange announced it will invest up to $2 billion in Polymarket. ICE owns the New York Stock Exchange. The deal values Polymarket at roughly $8 billion before the investment. ICE will also distribute Polymarket's event data globally and work with the platform on tokenization projects.

Kalshi launched in 2018 as a regulated marketplace for event contracts. The company has grown rapidly in recent months, with gains in both users and trading volume. The new funding will support the overseas expansion.

Polymarket started in 2020 and is now working to operate in the United States again. The company announced its plans to return to the domestic market alongside the ICE investment and data partnership on October 7.

Both platforms let users trade on real-world events, but operate under different regulatory frameworks. Kalshi runs as a CFTC-regulated exchange in the U.S., while Polymarket previously served international users and is now seeking domestic approval.

The competing fundraises highlight growing investor interest in event-driven trading markets. ICE's involvement with Polymarket also brings traditional financial infrastructure to the space through its data distribution network.

Kalshi valued at $5B after $300M round, eyes global expansion