Kalshi raises $1 billion at $22 billion valuation
Kalshi raised $1 billion at a $22 billion valuation, according to a Bizjournals listing of New York City venture capital activity published Thursday. A separate report placed the raise at $300 million on a $5 billion valuation. Both agree the prediction market platform is raising institutional capital. No investors were named in either item. The announcement came alongside news that David Protein's parent company raised $250 million.
The $1 billion figure resets the funding bar that Polymarket just matched at $21 billion. Both CFTC-registered exchanges now hold comparable war chests. That parity forces a spending race on compliance, market-making budgets, and user acquisition. Neither platform can outspend the other into retreat. For traders, execution quality and product breadth become the differentiators instead of balance-sheet depth.
The valuation gap between Kalshi and Polymarket has virtually closed. Traditional finance must now price two regulated venues at tech-growth multiples rather than treating one as the clear leader. The next institutional backer to choose sides will signal which platform Wall Street favors for long-term market share.