Kalshi has raised more than $1 billion in a new funding round that values the regulated U.S. prediction market platform at $22 billion. The Wall Street Journal said this ongoing round is being led by Coatue Management. In December, Kalshi had already closed a $1 billion round led by Paradigm at an $11 billion valuation. Less than four months later, that figure has doubled.
Fresh capital arrives as investor interest in prediction markets grows
The new financing gives Kalshi a much larger pool of capital for expansion and signals that institutional money is treating prediction markets as a serious business category. The pace of the valuation jump stands out. Moving from $11 billion to $22 billion in such a short period places Kalshi among the most highly valued fintech companies in the market.
Revenue run rate reaches $1.5 billion, February volume tops $10 billion
Investors appear to be backing more than momentum alone. According to the reported figures, Kalshi’s annual revenue run rate has reached about $1.5 billion. Its customer base has also broadened beyond retail traders to include market makers and corporate clients using the platform for hedging. Trading activity has climbed sharply as well. Contracts tied to politics, sports, and economic events helped push Kalshi’s total volume in February above $10 billion.
Funding lands while state-level legal pressure builds
The fundraising news comes as Kalshi faces legal action from state regulators. Earlier this week, Arizona Attorney General Kris Mayes brought 20 criminal charges against the company, alleging that it operated without a license in the state and illegally offered political and sports event betting. Tennessee has also ordered Kalshi, along with platforms including Polymarket, to stop offering certain services to residents.
Coverage from other media outlets said the size of the round shows investors still want exposure to the sector even as lawmakers continue to question prediction platforms over alleged insider trading and market manipulation. For Coatue, the investment is also being read as a wager on Kalshi’s regulated approach. If the company uses the new capital to strengthen its position under a federal oversight framework, that compliance-focused model could become a larger competitive advantage.