Kalshi announced today that it has secured $1 billion in funding at an $11 billion valuation. That more than doubles Kalshi’s $5 billion valuation announced less than two months ago, the latest example of the prediction market industry’s skyrocketing growth in 2025.
The funding news comes as Kalshi is experiencing record-setting trading volume. Since mid-October, the platform’s weekly trading volume has topped $1 billion, driven largely by sports event contract trading. November saw Kalshi’s monthly trading volume top $5.8 billion, an all-time high, according to Dune Analytics data.
Kalshi CEO and co-founder Tarek Mansour reflected on the latest funding news and the platform’s massive growth via social media. Mansour noted that a decade ago, few knew what prediction markets were, and a mere year-and-a-half ago, “most prediction markets were banned — until we overcame the government to set them free.”
“Today, Kalshi is trusted, used, and loved by millions of people,” Mansour wrote. “It’s a part of everyday culture, and it’s driving one of the most important shifts in consumer behavior in recent history. The time has finally come for prediction markets to achieve their full potential and we are intent on making that happen.”
Kalshi raised $1B at an $11B valuation.
A decade ago, only a few thousand people knew what a prediction market was.
Eighteen months ago, most prediction markets were banned – until we overcame the government to set them free.
Over the past seven years, our community has opened… pic.twitter.com/hGDkYxkSlh
— Tarek Mansour (@mansourtarek_) December 2, 2025
Update: Axios confirmed on Tuesday afternoon that CNN and Kalshi inked a partnership that will integrate the prediction market exchanges’ odds across its journalistic channels.
Crypto investment firm Paradigm leads latest funding round
Kalshi’s Series E funding round raised $1 billion, led by crypto-focused investment firm Paradigm, which has participated in previous funding rounds. The latest funding news comes a day after it was announced that Kalshi was powering tokenized prediction markets on Solana via Jupiter Exchange, DFlow and others, strengthening its foothold in the cryptocurrency landscape.
Paradigm co-founder and managing partner Matt Huang told The New York Times that Kalshi is “one of the fastest-growing companies we’ve ever seen.”
“Kalshi’s exponential growth shows the scale of latent demand for prediction markets as a new asset class — from institutions to everyday people,” Huang said in the funding announcement news release. “People come for one type of market and stay for the breadth. We see this as an uncapped cultural and economic phenomenon, similar to how we felt about crypto a decade ago.”
Many of the other investors in the latest funding round have participated in previous rounds. According to the release, other participants in the Series E round included Sequoia Capital, one of the platform’s earliest investors, as well as Andreessen Horowitz, Meritech Capital, IVP, ARK Invest, Anthos Capital, CapitalG, and Y Combinator.
In early October, Kalshi announced a $300 million funding raise at a $5 billion valuation. Prior to that, in June Kalshi announced it had raised $185 million at a $2 billion valuation.
Kalshi reportedly set to announce partnership with CNN
Kalshi says it will use its latest funding to hasten customer acquisition and expand its product offering. It also says the funding will be used to integrate with more brokers, similar to its partnerships with Webull and Robinhood, which recently announced it was partnering with Susquehanna International Group to launch its own prediction market exchange.
The news release also says that some of the funding will be used to forge new partnerships with news outlets. The New York Times reported this morning that Kalshi is expected to announce a partnership with CNN, according to a source familiar with the deal who was not authorized to speak publicly about the arrangement.
UPDATE: Axios has confirmed the Kalshi/CNN partnership. According to the report, CNN will have access to real-time Kalshi data related to politics, news, culture and weather, which will be featured during broadcasts and used in reporting.
Kalshi braces for increased competition in 2026
Kalshi’s latest funding and valuation news comes as it prepares to face increased competition in the U.S. in the coming months.
Kalshi has surpassed main competitor Polymarket in global trading volume in recent months. But Polymarket is gearing up for an imminent U.S. re-launch and has had its own eye-popping funding raises this year. In early October, Intercontinental Exchange, Inc. (ICE), which owns the New York Stock Exchange, announced it had invested $2 billion in Polymarket at a pre-investment valuation of $8 billion. Shortly after the announcement, Bloomberg reported that Polymarket was in talks to secure investments at a valuation of between $12 billion and $15 billion.
Besides the forthcoming Robinhood/Susquehanna platform, Kalshi will also face competition from new prediction market products from DraftKings and FanDuel, which could launch its new FanDuel Predicts as early as this week.
