Kalshi hits $22B valuation in $1B Coatue-led Series F
Kalshi closed a $1 billion Series F funding round led by Coatue that values the CFTC-regulated prediction markets platform at $22 billion, roughly doubling its $11 billion valuation from December 2025. The company reported that institutional trading volume surged 800% in the six months since November 2025. The raise comes after Kalshi won key court battles against the CFTC over sports and election contracts, cementing its position as the largest regulated US platform in the sector. The new capital is expected to fund product expansion and possible international growth. ARK Invest also participated in the round.
The $22 billion valuation ranks Kalshi behind only SpaceX in its peer group, giving it the institutional credibility to court pension funds and insurance counterparties that have shied away from competitors like Polymarket.
Kalshi's $22B Series F caps a two-week run that already saw Interactive Brokers launch the first major retail prediction-market aggregator with Kalshi inside, CFTC Chair Selig open league talks that could restrict sports-linked contracts, and the platform permanently overtake Polymarket in weekly volume share.