Kalshi reached a $22 billion valuation after raising $1 billion in a Series F funding round led by Coatue Management, doubling the company’s value in just five months.
The New York-based prediction market platform confirmed the funding round on May 7 after earlier reports from Bloomberg. Major investors in the round included Sequoia Capital, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley, and ARK Invest.
This marks Kalshi’s third funding round in seven months, with each round roughly doubling the company’s valuation. Less than a year ago, Kalshi was valued at around $5 billion following a $300 million funding round before later reaching $11 billion in its Series E raise.
Tarek Mansour said event contracts could become a trillion-dollar market and described the sector as one of the fastest-growing categories outside artificial intelligence.
Kalshi reported major growth across its trading business. The company said annualized trading volume climbed from $52 billion to $178 billion in just six months, while institutional trading volume surged by 800% during the same period.
According to Kalshi, the platform now represents more than 90% of prediction market activity in the United States and generates around $1.5 billion in annualized revenue from roughly two million monthly users.
The company plans to use the new funding to expand adoption among hedge funds, asset managers, proprietary trading firms, and insurance companies. Kalshi also said it plans to grow its product offerings, including recently launched block trading services and deeper broker integrations.
Earlier reports also highlighted Kalshi’s first customized institutional block trade, brokered by Greenlight Financial Technology with liquidity support from Jump Trading, involving a carbon allowance contract.
Despite the strong growth, Kalshi continues facing regulatory pressure in several U.S. states. Nevada, New Jersey, Illinois, and other states have issued legal challenges or cease-and-desist orders, arguing that some event contracts resemble unlicensed sports betting.
Kalshi has rejected those claims, saying its platform operates under the oversight of the Commodity Futures Trading Commission and that state-level actions are misplaced.
Meanwhile, the U.S. Securities and Exchange Commission recently delayed decisions on more than two dozen proposed prediction market ETFs while requesting additional information about trading mechanics and investor disclosures.
Kalshi is also reportedly exploring crypto perpetual futures products, a move that could place the company in direct competition with major crypto exchanges such as Binance, Coinbase, and Kraken in the derivatives market.
