Kalshi, a prediction market platform, secured a $1 billion funding round at an $11 billion valuation, marking a significant jump from its previous $5 billion valuation. The company’s rapid growth follows its $300 million raise last year and intensified competition with rival Polymarket, which recently aimed for a $12B-$15B valuation. Both platforms gained traction after accurately predicting election outcomes, including New York’s mayoral race, and boosted brand visibility through innovative marketing like subway ads. Kalshi now allows bets on global events, from Time magazine’s Person of the Year to future U.S. elections, with trading volumes surging over 1,000 times since 2024. The startup faces ongoing legal challenges, including disputes with state regulators over its classification as gambling.
Key facts
- Kalshi raised $1 billion at an $11 billion valuation, surpassing its previous $5 billion valuation from 2024.
- Polymarket, Kalshi’s main competitor, pursued a $12B-$15B valuation after its $8 billion funding round in 2024.
- Both platforms gained popularity by accurately predicting election results, including New York’s mayoral race in 2025.
- Kalshi’s subway ad campaign highlighted real-time odds, enhancing brand awareness among New Yorkers.
- The company now offers bets on over 140 global events, with annualized trading volume exceeding $50 billion in 2025.
