Kalshi closed a $300 million Series D round that lifts its valuation to $5 billion, a deal announced on 10 October 2025 and signed in August. The company will use the funds to open trading in more than 140 countries, touching event derivative markets and crypto platforms that plan to list its contracts.. The raise signals that large investors now treat prediction markets as a regulated asset class and forces regulators and users to decide how far the contracts can reach.
The round drew Sequoia Capital, Andreessen Horowitz, Paradigm, CapitalG, Coinbase Ventures, General Catalyst and Spark Capital. Kalshi forecasts an annualized volume of $50 billion, up from $300 billion last year, and states that its global share now exceeds that of Polymarket.
Management plans to embed its order book inside major apps and crypto exchanges within twelve months and calls the move a “Trojan horse” for crypto traders. The overseas push aims to integrate with platforms that plan to list its contracts.
Regulatory status, scrutiny and market implications
Kalshi lists contracts under the supervision of the Commodity Futures Trading Commission as a Designated Contract Market (DCM). A DCM is a platform that the CFTC licenses to offer standardized swaps or futures with customer safeguards. State regulators in several jurisdictions argue that some Kalshi contracts amount to sports bets and have opened investigations.
The White House withdrew the planned nomination of Brian Quintenz to the CFTC on 4 October 2025 after questions arose about his prior advisory role at the company. The CFTC dropped its appeal in May 2025 against a court ruling that cleared election betting, a decision Kalshi treats as a federal win.
The cash as well as the overseas plan could turn event contracts into routine hedging and price-discovery tools. The next test is the rollout inside major apps or crypto venues during the coming year; the step will show whether the funding converts into steady users and cross-border volume.
