Prediction market Kalshi raised $1 billion from Coatue, Morgan Stanley and others as the platform keeps pulling in bigger financial firms.
Kalshi, a federally regulated U.S. prediction market, raised $1 billion at a $22 billion valuation, the platform’s co-founder Tarek Mansour announced on X.
Per the announcement, the financing was led by technology investment firm Coatue, with participation from Morgan Stanley, Sequoia Capital, Andreessen Horowitz and others.
Mansour added that Kalshi now represents more than 90% of U.S. prediction market volume, adding that annualized volume grew to $178 billion over the past six months.
The Kalshi co-founder framed the company as a push to turn messy real-world questions into markets with visible prices:
“Today, most of these questions are traded indirectly, priced through imprecise proxies or negotiated bilaterally in opaque, restricted, relationship-driven markets.”
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Wall Street Moves Closer
The announcement marks another fast jump in Kalshi’s private-market valuation. Reuters reported that Kalshi was valued at $2 billion in a June 2025 round led by Paradigm. Then, in December 2025, the valuation reached $11 billion in another financing.
That means the platform’s valuation has moved from $5 billion to $22 billion in roughly seven months.
As of press time, data from Paradigm, a crypto VC firm that also backed Kalshi, showed Kalshi’s open interest above $661 million. For comparison, Polymarket, its key rival, has about $450 million.
The largest markets on Kalshi were sports, with $343 million in open interest. They’re followed by politics at $224 million and culture at $29 million.
Mansour said the new capital will be used to “accelerate the institutional adoption underway — unlocking trillions in capital to facilitate active trading and risk management.”
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