Kalshi expands Series F to $1.2 billion at $22 billion valuation
Kalshi has expanded its Series F to nearly $1.2 billion at a $22 billion valuation after closing an additional $200 million atop an initial $1 billion raise, Bloomberg reported. The valuation, first reached in a Coatue-led round earlier in May, means Kalshi doubled its valuation in roughly five months. A LinkedIn post on female-founder fundraising noted the exchange now controls an estimated 90% of U.S. prediction market activity. Layer Global, led by Anton Levy, is reportedly in discussions to participate. Razor Capital separately confirmed its participation in what it described as a $1 billion round, though it referred to it as a Series E.
The $1.2 billion total gives Kalshi more dry powder than any CFTC-registered prediction market rival has ever raised, letting it outspend Polymarket on trader acquisition and product development through at least 2027. Layer Global's reported interest adds another tier-one growth investor to the cap table that Polymarket cannot match from its offshore base.
Kalshi's $1.2 billion Series F extends a three-deal fundraising arc over the past two weeks — the original $1 billion round, the Baillie Gifford and Layer Global expansion, and now this $200 million add-on — as the platform races to lock up institutional capital before Polymarket's Nasdaq partnership matures.