Kalshi, a regulated prediction market platform, has closed a $1 billion funding round that values the company at $11 billion, according to TechCrunch. The round was led by returning investors Sequoia Capital and CapitalG, with participation from Andreessen Horowitz, Paradigm, Anthos Capital and Neo.
The new valuation brings Kalshi closer to the $12-15 billion valuation target reportedly sought by crypto-native rival Polymarket. This milestone also comes just a month after Kalshi announced a $300 million seed round at a $5 billion valuation, highlighting investor appetite for the growing prediction market space.
Kalshi operates as a regulated exchange under the supervision of the Commodity Futures Trading Commission (CFTC), offering event-driven contracts on topics ranging from inflation rates to political outcomes. It has positioned itself as a US-compliant alternative to offshore or decentralized platforms, focusing on institutional and retail traders who want legal certainty and fiat on-ramps.
Polymarket, on the other hand, is built on blockchain rails and functions as a decentralized information marketplace. Users bet in crypto on yes or no outcomes, often tied to political elections, market data, or pop culture events.
Both companies have become pioneers in an industry that combines financial speculation with news-driven engagement. While Kalshi touts regulatory compliance and a path to widespread adoption, Polymarket’s decentralized design appeals to crypto-native users seeking transparency and censorship resistance.
