Kalshi’s valuation has hit $22bn after a $1bn Series F led by Coatue, doubling its worth in just five months.
Summary
- Kalshi raised $1bn in a Series F round led by Coatue at a $22bn valuation, doubling the $11bn it achieved just five months ago.
- Institutional trading volume on the platform surged 800% in six months, while annualized trading volume tripled from $52bn to $178bn.
- Kalshi accounts for over 90% of US prediction market activity and reports $1.5bn in annualized revenue with two million monthly users.
Kalshi’s valuation has hit $22bn after a $1bn Series F led by Coatue, doubling its worth in just five months. The New York-based prediction market platform confirmed the round on May 7, formalizing a Bloomberg report from March. Sequoia Capital, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley, and ARK Invest all participated in the raise.
The round is Kalshi’s third in seven months, with each successive raise roughly doubling its valuation. The company was valued at $5bn in a $300m round less than two months before the $11bn Series E, making its current $22bn valuation roughly quadruple what it was under a year ago.
Kalshi CEO Tarek Mansour said in a statement: “There are few categories in recent history that have scaled this quickly outside of AI. Event contracts could become a trillion-dollar market, and we’re still in the early stages of that transition.”
What the growth numbers show
Annualized trading volume on the platform has more than tripled in six months, growing from $52bn to $178bn. Institutional trading volume specifically surged 800% over the same period.
Kalshi says it accounts for more than 90% of US prediction market activity and generates $1.5bn in annualized revenue from two million monthly users.
Kalshi will use the new capital to scale adoption across hedge funds, asset managers, proprietary trading firms, and insurance companies, and will expand its product suite including recently launched block trading capabilities and deeper broker integrations.
As crypto.news reported, Kalshi’s first bespoke institutional block trade, brokered by Greenlight with Jump Trading providing liquidity on a carbon allowance contract, marked a signal shift toward direct event-risk exposure for large institutional players.
Regulatory headwinds persist
The growth sits against a clouded regulatory backdrop. Nevada, New Jersey, Illinois, and several other states have issued cease-and-desist orders or launched legal challenges against Kalshi, arguing some event contracts resemble unlicensed sports betting.
Kalshi has pushed back, saying its exchange falls under CFTC oversight and that state-level challenges are jurisdictionally misplaced.
The SEC also delayed more than two dozen proposed prediction market ETFs this week, asking issuers for more information on mechanics and investor disclosures.
As crypto.news tracked, Kalshi is also exploring crypto perpetual futures as its next expansion move, a product that would place it in direct competition with Binance, Coinbase, and Kraken in derivatives trading.