Catenaa, Sunday, July, 06, 2025- US-based prediction platform Kalshi has raised $185 million in a Series C funding round led by venture capital firm Paradigm, boosting the company’s valuation to $2 billion.
The round, announced Wednesday, also includes investments from Multicoin Capital, Sequoia Capital, and Neo, with support from Citadel Securities CEO Peng Zhao.
Kalshi said the new capital will fuel expansion of its engineering team and support the launch of new market structures to broaden mainstream access to prediction markets.
Founded in 2019, Kalshi is the first federally regulated prediction exchange, operating under oversight from the Commodity Futures Trading Commission.
It allows Americans to legally trade contracts on future events, ranging from elections and economic data to weather patterns and sports outcomes.
Kalshi’s funding announcement comes amid renewed interest in the sector, with competitor Polymarket reportedly nearing its own $200 million raise at a $1 billion valuation.
Kalshi’s growth has been sharp, with the firm claiming a 100-fold increase in volume, a 10-fold rise in users, and a fivefold jump in active markets over the past year.
Kalshi’s legal breakthrough in 2024, allowing contracts on congressional races after a federal court ruling, was seen as a turning point for the platform.
To date, Kalshi has raised $415 million, including previous rounds and venture loans. The firm says its long-term goal is to normalize predictive trading as a financial instrument akin to options or futures.
