Kalshi Raises $1B Series F at $22B Valuation

Prediction market platform Kalshi has raised $1 billion in a Series F funding round at a $22 billion valuation, with Coatue leading the investment and participation from Sequoia Capital, Andreessen Horowitz, Paradigm, IVP, Morgan Stanley and ARK Invest.

The company announced the funding Thursday, confirming details from an earlier report. Kalshi operates a federally regulated exchange under Commodity Futures Trading Commission oversight, where users trade contracts tied to real-world events such as elections, economic data releases, sports outcomes and weather patterns. Company metrics show it generates $1.5 billion in annualized revenue, serves 2 million monthly active users and commands more than 90 percent of U.S. prediction market activity.

Trading has surged amid growing institutional interest. Annualized volume reached $178 billion, more than tripling from $52 billion six months earlier. Institutional trading volume jumped 800 percent in that period as hedge funds, proprietary trading firms and other sophisticated investors use the contracts for hedging and expressing views on macroeconomic events.

Kalshi plans to deploy the capital toward institutional expansion, including...