Quick Insights

  • Kalshi raised $1 billion in a Series F round led by Coatue.
  • The round values the prediction market platform at $22 billion.
  • Sequoia Capital, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley and ARK Invest also participated.
  • Kalshi said institutional trading volume has risen 800% over the past six months.

Kalshi has raised $1 billion at a $22 billion valuation, giving the regulated prediction market platform more capital to expand its institutional business.

The Series F round was led by Coatue, with participation from Sequoia Capital, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley and ARK Invest, according to Kalshi’s announcement. The raise marks the company’s third funding round in seven months.

Kalshi said the capital will be used to build services for hedge funds, asset managers, proprietary trading firms and insurance companies. The company is also expanding block trading, risk-management products and brokerage integrations.

Kalshi Raises $1B as Institutions Move Into Event Contracts

Kalshi’s latest raise comes as prediction markets move further into mainstream finance. The company said institutional trading volume has climbed 800% over the past six months, while annualized trading volume more than tripled from $52 billion to $178 billion.

Coatue founder Philippe Laffont said Kalshi is building a platform for trading real-world events, adding that consumers have already adopted the product and institutions are expected to follow.

Kalshi CEO Tarek Mansour made a similar case, saying event contracts could become a trillion-dollar market. The company now says it accounts for more than 90% of U.S. prediction market activity.

"Consumers have already embraced it, and we believe institutions will follow."

Philippe Laffont, Founder of Coatue

Prediction Market Volume Keeps Breaking Records

The raise follows a sharp increase in prediction market activity across the sector. Nakamoto Daily recently covered how prediction market transactions hit a record 191 million in March, with notional volume reaching $23.9 billion.

Kalshi is now trying to turn that demand into a broader institutional product. The company’s focus on block trades, broker integrations and risk products suggests it wants event contracts to sit closer to the tools used by professional trading desks.

Why the raise matters

Kalshi is not only raising capital for retail growth. The company is trying to make prediction markets usable for institutions that need larger trades, clearing support, risk tools and brokerage access.

Kalshi and Polymarket Are Racing for Scale

Kalshi’s valuation jump also comes as Polymarket, its largest crypto-native rival, is reportedly seeking fresh funding at a multibillion-dollar valuation. Polymarket has a larger global footprint, while Kalshi has leaned on its regulated U.S. exchange status.

That split is becoming more important as the sector grows. Prediction markets are no longer limited to election bets and crypto-native speculation. Sports, macroeconomic data, politics and geopolitical contracts are now attracting retail traders and institutions looking for real-time event pricing.

The funding round gives Kalshi a larger balance sheet as the category becomes more competitive. It also raises expectations. A $22 billion valuation leaves little room for prediction markets to remain a niche product.

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