Tiger Global and Dragoneer in talks to join Kalshi's $1 billion fundraise
Kalshi is in advanced discussions to raise about $1 billion in fresh funding, according to sources. Tiger Global Management and Dragoneer are in talks to participate in the round. The deal would value the regulated prediction-market platform at about $40 billion and is expected to finalize in the coming weeks. It would mark one of the largest capital raises for a regulated prediction-market platform. The company is competing with Polymarket in the growing event-contracts market.
The $40 billion valuation pulls Kalshi 19 points clear of Polymarket's recent $21 billion mark. That gap lets Kalshi pitch itself to traders and market makers as the safer harbor with deeper balance-sheet backing. For Polymarket, the math is immediate: it must match the headline or watch Kalshi outspend it on liquidity and sports-product launches this NFL season.
The coming weeks are the window where both platforms convert paper valuations into actual market structure. Whichever closes first sets the price anchor for every prediction-market deal that follows. Institutional flow follows the venue that can absorb size without slippage, and the size of this raise signals which platform can pay for that depth.