Prediction Market Kalshi Raises $1 Billion at $22 Billion Valuation
Kalshi, the regulated prediction market platform, raised a $1 billion Series F led by Coatue Management, doubling its valuation to $22 billion just five months after a $11 billion Series E in December 2025. The round also drew Sequoia, Andreessen Horowitz, and Paradigm.
What Drove This Round?
Institutional trading volume surged roughly 800% over the prior six months, proving mainstream appeal
Regulatory clarity after CFTC approval gave institutional investors confidence in the model
Event contracts expanding beyond politics into sports, weather, economic data, and entertainment
Coatue leading at a $22B valuation reflects conviction in prediction markets as a new asset class
Impact Analysis
Kalshi's rapid valuation growth (from $11B to $22B in five months) underscores the explosive growth of prediction markets as a financial product category. The platform reported annualized trading volume more than tripling to roughly $178 billion and holds over 90% of US prediction-market activity. The funding enables Kalshi to add new event categories and build institutional trading infrastructure.