Kalshi Secures $5 Billion Valuation, Plans Overseas Push
(Bloomberg) -- Predictions marketplace Kalshi Inc. secured a $5 billion valuation in its latest funding round, more than double the amount cited during its previous fund raising effort just months ago.
Kalshi raised more than $300 million in a fresh round of investment, backed by the likes of Sequoia Capital and Andreessen Horowitz, a spokesperson confirmed in an email to Bloomberg News. The New York Times first reported the investment.
The platform, which allows customers to trade contracts tied to the outcomes of real-world events like sports and economic announcements, will also expand its offering beyond the US to more than 140 countries, the spokesperson confirmed.
Other backers in this latest raise included Paradigm, CapitalG and Coinbase Ventures, Kalshi Chief Executive Officer Tarek Mansour said in a post on X.
The announcement comes after Intercontinental Exchange Inc., owner of the New York Stock Exchange, said it plans to invest as much as $2 billion in cash in Polymarket, a crypto-based betting platform. The transaction values Polymarket at roughly $8 billion, ICE said on Tuesday.
Kalshi reached a $2 billion valuation in June as part of a $185 million round, in which Paradigm and Sequoia also participated. The platform is on track to hit about $50 billion in annualized trading volume by the end this year.
“If social media is qualitative opinion, prediction markets are quantitative conviction,” Alex Immerman, a partner at Andreessen Horowitz, said in a blog post regarding its investment on Friday. The two businesses shook hands on their partnership over the summer, he said.
“By flipping the model, prediction markets have emerged as a new asset class. Every question — whether about politics, economics, technology, sports, or the weather — becomes an investable asset,” Immerman added.
(Updates to include CEO comment, Andreessen Horowitz comment in the seventh and final paragraphs.)
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