Kalshi Raises $185 Million Valuation Hits $2 Billion

Kalshi, a prediction market platform, has successfully raised $185 million in its latest investment round, propelling its valuation to $2 billion. This significant funding round was spearheaded by Paradigm, a crypto-focused investment firm, with additional contributions from prominent venture capitalists including Sequoia Capital, Multicoin Capital, and others.

Tarek Mansour, the co-founder and CEO of Kalshi, confirmed that the funds will be allocated towards expanding the company’s technology team and broadening the reach of its markets by connecting with additional brokerages. Currently, Kalshi contracts are available on platforms such as Robinhood Markets and Webull, with plans to extend availability to more retail platforms in the future.

Kalshi has seen remarkable growth over the past year, with a 100x increase in trading volume, a 10x increase in users, and a 5x increase in active markets. The platform has also secured multiple important licenses and legal victories, including a historic federal court decision that allowed Americans to trade on the outcome of elections for the first time in over a century.

Launched in 2018 by Mansour and Luana Lopes Lara, Kalshi had previously secured $156 million in funding, including a $30 million Series A round in 2021 and short-term loans last year. This latest investment round reflects renewed investor confidence in event-related financial products, particularly those operating within a regulated framework.

The funding comes on the heels of a significant regulatory development. In May 2025, the U.S. Commodity Futures Trading Commission (CFTC) dismissed its appeal of a court decision that permitted Kalshi to continue trading political prediction contracts. This dismissal removes a major legal obstacle for Kalshi and solidifies the establishment of political event markets in the U.S. Mansour celebrated the decision, noting that what was once considered unachievable is now inevitable due to the efforts of the Kalshi team and community in bringing prediction markets into the mainstream.

During the 2024 U.S. presidential cycle, political markets on Kalshi reported a trading volume exceeding 875 million. The platform also saw over 16 million trades during the New York City Mayoral Primary election, further enhancing its appeal.

Kalshi’s primary competitor, Polymarket, is also in the process of raising capital, reportedly aiming for $200 million at a $1 billion valuation. While Polymarket has a slight edge in open interest, Kalshi now boasts more active markets. Polymarket has gained popularity through its large election-focused pools, but it lacks the necessary licenses to operate in the U.S., a regulatory gap that Kalshi has capitalized on.

Kalshi has also integrated into the crypto ecosystem through a partnership with ZeroHash, allowing deposits in Bitcoin, Solana, Worldcoin, and USDC. This move aims to attract crypto-native traders. Additionally, Donald Trump Jr. joined Kalshi as a senior advisor in January, further boosting the platform’s profile.