Kalshi raises $300M, valued at $5B, opens platform to 140+ countries

Kalshi, a U.S.-based prediction market licensed by the Commodity Futures Trading Commission, said Friday it raised $300 million in a Series D round that values the company at $5 billion and will immediately open its platform to users in more than 140 countries. The raise, Kalshi said, was led by Sequoia Capital and Andreessen Horowitz with participation from Paradigm, CapitalG, Coinbase Ventures, General Catalyst and Spark Capital, and follows a $185 million round the company closed in June.

Kalshi operates a regulated marketplace where customers trade contracts that pay out based on the outcomes of real-world events, including elections, economic releases, weather and sports. The company said the new funding will support global expansion, product development and compliance as it scales. Kalshi also said it offers hybrid trading features and crypto deposit options and has integrated its contracts into retail brokerage platforms to lower the friction for mainstream users.

Company data and industry metrics cited by Kalshi show a sharp rise in activity: annualized trading volume is projected to reach $50 billion this year, up from about $300 million a year earlier, and the firm now...