Kalshi Raises $1 Billion in Series F, Nears $22 Billion Valuation

Kalshi, the U.S. prediction market platform, has raised $1 billion in fresh funding, valuing the company at about $22 billion.

Blockhead reported on May 8 that Kalshi recently secured the funds in a Series F round. Participants included Coatue, Sequoia Capital, Andreessen Horowitz, Paradigm, Morgan Stanley and ARK Invest.

The new valuation is roughly double the $11 billion level from its Series E round at the end of last year, about five months ago.

Kalshi has grown rapidly over the past year. Its valuation has climbed more than fourfold from about $5 billion in May 2025.

Trading activity has also accelerated. Kalshi said annualized trading volume jumped to $178 billion from $52 billion over the past six months. Institutional trading volume increased 800% over the same period.

The company says it now accounts for about 90% of U.S. prediction market trading volume. Annualized revenue is about $1.5 billion, and monthly users total roughly 2 million.

Kalshi plans to use the new capital to expand its institutional business, targeting hedge funds, asset managers and insurers. It also aims to bolster block trading, risk management products and broker connectivity services.

Tarek Mansour, Kalshi's co-founder and chief executive officer, said the event-contract market could eventually grow into a $1 trillion market.

Regulatory uncertainty remains a key variable. States including Nevada, New Jersey and Illinois have taken legal action, arguing that Kalshi's products could effectively amount to sports betting.

Kalshi maintains that it is a federally regulated exchange overseen by the Commodity Futures Trading Commission. But the jurisdictional conflict between federal and state authorities over prediction market products has yet to be resolved.

Separately, the U.S. Securities and Exchange Commission recently delayed its review of prediction market ETFs proposed by Roundhill, GraniteShares and Bitwise.