Kalshi Hits $22 Billion Valuation After Raising $1B Series F Round
The prediction market industry just got its most emphatic vote of confidence yet. Prediction market startup Kalshi announced a $1 billion Series F round, valuing the company at $22 billion double the $11 billion valuation it secured just five months ago after raising a $1 billion Series E. The speed of that climb is almost unheard of outside of the AI sector.
Institutions Are All In
The latest round was led by Coatue, with participation from Sequoia Capital, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley, and ARK Invest. The Kalshi $22 billion valuation Series F prediction market raise arrives on the back of explosive growth figures that are hard to ignore. Over the past six months, institutional trading volume surged 800%, while annualized trading volume more than tripled, climbing from $52 billion to $178 billion.
Kalshi hosts 90% of prediction market activity in the United States, a commanding dominance in a category it helped legitimise. The company plans to use the new capital to scale adoption across hedge funds, asset managers, proprietary trading firms, and insurance companies, while expanding its product suite with block trading capabilities, upcoming risk products, and deeper broker integrations.
CEO Tarek Mansour put the ambition plainly: event contracts could become a trillion-dollar market, and the company believes it is still in the early stages of that transition. Not everyone is celebrating, however. Nevada, New Jersey, Illinois, and several other states have issued cease-and-desist orders or launched legal challenges against Kalshi, arguing that some event contracts resemble unlicensed sports betting products. Kalshi has pushed back, insisting it operates under exclusive federal oversight from the CFTC.
For now, the capital keeps flowing and so does the confidence of the world’s most prominent tech investors.
