Kalshi, a U.S.-headquartered prediction market, has completed a financing round of $1 billion, elevating its valuation to approximately $11 billion, as detailed in a press release.
This latest round was led by Paradigm, with contributions from notable venture capital firms such as Sequoia Capital and CapitalG, Alphabet’s growth-equity division. The announcement about the funding surfaced last month when TechCrunch released news of the $1 billion raise.
Kalshi, which provides binary event contracts enabling users to speculate on the outcomes of future real-world events like elections and legislative measures, surpassed its competitor Polymarket in Q3, achieving a trading volume of $4.47 billion compared to Polymarket’s $3.5 billion, based on TokenTerminal data.
“Kalshi is transforming debate, subjectivity, and discourse into markets, precision, and reality,” stated Tarek Mansour, CEO of Kalshi. “We’ve devised a novel way for people to interact with and absorb information. Today, it’s challenging to formulate a perspective about the future without considering Kalshi.”
The company, established in 2018 and recognized as the first U.S.-regulated prediction market, previously raised $300 million at a $5 billion valuation in October, aiming to expand globally.
In the meantime, rival Polymarket is also negotiating to secure additional funding. It was reported in October that executives were engaging with investors to negotiate an investment that would value the company between $12 billion and $15 billion.
Read more: Kalshi Launches Tokenized Event Bets on Solana Blockchain: CNBC
