Kalshi Inc. has completed a funding round that values the prediction markets platform at $22 billion, roughly doubling the previous valuation it secured five months ago.
The New York-based firm raised $1 billion in a Series-F round led by Coatue Management, according to a blog post on Thursday that confirmed an earlier report from Bloomberg News. Other investors who participated included Sequoia Capital, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley and ARK Invest.
Its previous round valued the company at $11 billion.
Prediction markets have become increasingly popular lately, as retail investors rush to trade on event contracts tied to politics, sports and economic outcomes. Annualized trading volume on Kalshi tripled in the last six months, according to the blog post, rising from $52 billion to $178 billion.
As of this month, Kalshi’s annualized revenue — or annual run rate — is more than $1.5 billion, a spokesperson for the company said.
Kalshi and its chief rival Polymarket have raised billions of dollars in investment over the past year, significantly boosting their valuations. Polymarket is seeking additional funding that would value its business at $15 billion, Bloomberg reported last month.
