Kalshi has closed a funding round for $1 billion that raises its valuation to $11 billion, reinforcing its role in a rapidly consolidating predictive markets sector. The deal, reported by TechCrunch, comes amid international expansion, technological alliances and legal battles that are redefining how information is traded through event contracts. The move positions the platform within a broader race to professionalize and scale event-based trading.
The extension was led by Sequoia Capital and CapitalG, with notable participation from Andreessen Horowitz, Paradigm, Anthos Capital and Neo, according to the coverage.
The funds will be used to accelerate product innovation, strengthen trading infrastructure and finance a more aggressive international expansion, in line with the strategy communicated by the company. Kalshi has scaled its valuation rapidly: it went from $2 billion in June 2025 to $5 billion in October and reached $11 billion in November, reflecting an extraordinary growth phase driven by higher trading volumes and new commercial integrations.
The platform already operates in more than 140 countries and has announced collaborations with entities such as Coinbase, Barchart, integrations with xAI (Grok) and joint projects for markets on Solana, according to available details.
Regulation, market share and competition
Kalshi operates as a Designated Contract Market (DCM) regulated by the Commodity Futures Trading Commission (CFTC). A DCM is an exchange authorized by the CFTC to list and trade derivative contracts based on real-world events. This certification, the result of a six-year process, allows it to offer event markets with access in most of the United States under a recognized legal framework.
Despite federal regulation, Kalshi faces state disputes and actions by tribal coalitions that question the nature of certain contracts as gambling; however, it has obtained legal victories, including the federal order that prevented the Nevada Gaming Control Board from stopping its sports-related contracts, and the CFTC dropped its appeal in a case about contracts linked to control of Congress. These outcomes have strengthened its legal position while the sector faces fragmented regulatory frameworks.
In September 2025, Kalshi held approximately 66% market share in its segment, a dominant position against crypto-profile rivals like Polymarket, which would be seeking a valuation between $12 billion and $15 billion. Kalshi’s regulated offering with fiat rails attracts institutional and retail traders seeking legal clarity and conventional liquidity. Tarek Mansour, CEO of Kalshi, projected that “predictive markets could rival traditional exchanges in a few years”, a projection that underscores the company’s strategic ambition and investor appetite for this asset class. The total projected market cited by the industry rises from $23.7 billion in 2025 to $82 billion in 2030, a figure that supports interest in these platforms.
The injection of $1 billion and the $11 billion valuation consolidate Kalshi as a central actor in the professionalization of predictive markets, although its future will depend both on commercial deployment and on the resolution of pending regulatory litigation.
