Prediction Market Kalshi Raises $1 Billion at $22 Billion Valuation
Kalshi, the regulated prediction market platform, raised $1 billion led by Coatue Management, doubling its valuation from $11 billion in December 2025. The platform saw explosive growth during the 2024 election cycle.
What Drove This Round?
Prediction market trading volume surged 10x during 2024 US election, 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 $22B valuation reflects conviction in prediction markets as a new asset class
Impact Analysis
Kalshi's rapid valuation growth (from $11B to $22B in 3 months) underscores the explosive growth of prediction markets as a financial product category. The platform is now processing billions in monthly trading volume and expanding internationally. The funding enables Kalshi to add new event categories and build institutional trading infrastructure.