Key points:
- Kalshi secured $185m in Series C funding led by Paradigm, with support from Sequoia, Multicoin, Neo, Bond Capital and Peng Zhao
- The raise values the event contracts platform at $2bn
- Polymarket is also reportedly closing in on a $200m raise led by Founders Fund at a valuation exceeding $1bn
Kalshi has raised $185m in a Series C funding round that values the event trading platform at $2bn, according to a post from CEO Tarek Mansour.
The round was led by Paradigm and included participation from investors such as Sequoia, Multicoin, Bond Capital, Neo and Citadel Securities CEO Peng Zhao.
The raise follows Kalshi’s recent court victory against the Commodity Futures Trading Commission (CFTC), which allowed the platform to list contracts tied to US election outcomes.
The decision has since opened the door for expanded listings, with Kalshi positioning itself as a regulated alternative to informal betting markets.
Its contracts gained renewed attention during the 2024 US presidential race, where prediction markets offered contrasting forecasts to traditional polling.
Kalshi remains embroiled in several legal disputes with state regulators. In April, the platform filed for a restraining order against Maryland’s gaming regulator following a cease-and-desist order. Kalshi also recently opposed an amicus brief from tribal organisations, calling the filing “untimely and unhelpful.”
Good to know: Kalshi, founded in 2018 by Mansour and Luana Lopes Lara, allows users to trade on the outcome of real-world events
While Kalshi continues to seek regulatory clarity in several US jurisdictions, interest in prediction markets has grown significantly.
Robinhood launched its own prediction hub earlier this year and rival platform Polymarket is reportedly close to securing $200m in new funding at a valuation of over $1bn. The upcoming round is expected to be led by Peter Thiel’s Founders Fund.
Polymarket, which does not permit US-based users, operates on a cryptocurrency model and has seen trading volumes rise ahead of major geopolitical and economic events. Current markets include questions around Middle East stability and the likelihood of a 2025 US recession.
Despite regulatory friction, platforms like Kalshi and Polymarket continue to attract users and capital, as investors and traders seek alternative tools to forecast real-world outcomes.
