Prediction market platform Kalshi has raised $300 million in its Series D funding round, valuing the prediction site at $5 billion.
Investors included venture firms Sequoia Capital, Paradigm, CapitalG, Coinbase Ventures, as well as a new investor in Andreessen Horowitz. The latest funding follows on from a Series C funding round in June, which granted Kalshi unicorn status after it was valued at $2 billion.
In addition to a new valuation, Kalshi also announced that it would be expanding its operations internationally, with plans to launch its prediction markets in over 140 countries.
So far, Kalshi has generated over $1 billion in trading volume for September alone, with total 2025 trading volume expected to reach $50 billion, a substantial increase compared to $300 million generated the year prior. In an interview with the New York Times, Klashi co-founder and CEO Tarek Mansour said, “We have not expected this level of growth.”
In September, Kalshi also soared past rival prediction market platform Polymarket, becoming the largest prediction platform in the market with a market share of 62%, according to statistics from data provider Dune.
Polymarket also had its fair share of success. In the same week, it was revealed that New York Stock Exchange owner, Intercontinental Exchange, invested $2 billion into Polymarket, valuing the prediction platform at $8 billion.