Kalshi, a platform for betting on future events, has raised an additional $1 billion, increasing its valuation to $11 billion.
The funding round was led by Sequoia and CapitalG, occurring less than two months after a $300 million round at a $5 billion valuation. Other major funds such as a16z and Paradigm had also invested earlier. Kalshi won a lawsuit against the CFTC last year to operate legally in the U.S., but is still under investigation by several states for allegedly operating as gambling.
Kalshi and its main competitor Polymarket are experiencing explosive growth, particularly thanks to prediction markets for elections and political events. Both have garnered significant attention by accurately predicting the recent New York mayoral election results. Polymarket is also preparing to raise funds with a valuation of $12-15 billion.
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