Prediction Market Kalshi Raises $300M at $5B Valuation

Prediction market platform Kalshi announced a $300M Series D funding round at a $5B valuation, marking its largest raise to date and cementing its position in the rapidly growing event-trading sector. The company now controls more than 60% of global prediction market volume, overtaking Polymarket for the top spot.

What’s the Scoop?

• Record-Breaking Raise: The $300 million Series D values Kalshi at $5B and includes participation from Sequoia Capital, Andreessen Horowitz, Paradigm, CapitalG, and Coinbase Ventures — a powerhouse lineup bridging traditional venture and crypto-native investors.
• Global Expansion: The platform plans to open access to users across 140+ countries, extending its reach far beyond its U.S. regulatory base and tapping into international demand for event-driven trading.
• Trading Milestone: Kalshi is on pace for $50B in annualized trading volume, driven by its broad catalog of contracts spanning elections, macroeconomic indicators, and sports markets.
• Regulatory Breakthrough: After months of scrutiny, the CFTC dropped its legal challenge to Kalshi’s election contracts earlier this year, clearing the way for broader expansion even as some U.S. states continue to contest its sports-based offerings.
• Competitive Context: The raise follows Polymarket’s announcement that NYSE parent Intercontinental Exchange $ICE would invest $2B at a $9B post-money valuation. Despite Polymarket’s higher headline valuation, Kalshi now commands the larger market share.