Kalshi Valued at $11 Billion After $1 Billion Funding Round

Kalshi, the regulated U.S. prediction market platform, has raised $1 billion in new funding at a $11 billion valuation, according to a person familiar with the deal. The round, completed less than two months after a $300 million raise that valued the company at $5 billion, was led by returning investors Sequoia Capital and CapitalG (Alphabet’s growth fund), with participation from Andreessen Horowitz, Paradigm, Anthos Capital, and Neo.

Kalshi and Sequoia declined to comment; CapitalG did not respond to requests for comment.

Rapid Growth in 2025

The seven-year-old startup has seen explosive growth in 2025, driven by high-profile political and cultural markets. Kalshi gained widespread attention during the U.S. presidential election and further boosted its brand with real-time subway ads during New York City’s mayoral race between Zohran Mamdani and Andrew Cuomo.

The platform now operates in over 140 countries, offering contracts on events ranging from:

• Time Magazine’s 2025 Person of the Year
• Rotten Tomatoes scores for major films like Wicked
• Long-term political outcomes, including the 2028 U.S. presidential election

Competition with Polymarket

Kalshi’s main competitor, the decentralized prediction market Polymarket, was reportedly in talks last month for another funding round at a $12–15 billion valuation — just weeks after closing a $1 billion round at an $8 billion pre-money valuation, according to Bloomberg reporting.

Both platforms have benefited from increased public interest in event-based betting, particularly around U.S. elections and cultural moments.

Outlook

With the new capital, Kalshi is positioned to expand its product suite, enhance liquidity, and strengthen its compliance-first infrastructure in a rapidly growing sector where prediction markets are increasingly seen as real-time barometers of public sentiment and probabilistic forecasting.

In summary, Kalshi’s jump from $5 billion to $11 billion in under two months underscores the surging institutional and retail demand for regulated prediction markets as an alternative asset class in 2025.