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Prediction market Kalshi has raised $1 billion in funding at a $11 billion valuation, effectively doubling in value in the space of two months.
After hitting a $5 billion valuation less than eight weeks ago in October, Kalshi has more than doubled in value in the span of less than two months. While prediction markets are under pressure from gambling competitors and regulatory groups alike, Kalshi appears to be going from strength to strength.
The latest valuation was announced by the company’s CEO and co-founder Tarek Mansour, taking to X to announce the milestone.
Kalshi raised $1B at an $11B valuation.
A decade ago, only a few thousand people knew what a prediction market was.
Eighteen months ago, most prediction markets were banned – until we overcame the government to set them free.
Over the past seven years, our community has opened… pic.twitter.com/hGDkYxkSlh
— Tarek Mansour (@mansourtarek_) December 2, 2025
“Kalshi raised $1B at an $11B valuation,” he wrote. “A decade ago, only a few thousand people knew what a prediction market was. Eighteen months ago, most prediction markets were banned – until we overcame the government to set them free.
“Over the past seven years, our community has opened up an entirely new category. Today, Kalshi is trusted, used, and loved by millions of people. It’s a part of everyday culture, and it’s driving one of the most important shifts in consumer behavior in recent history.
“The time has finally come for prediction markets to achieve their full potential and we are intent on making that happen. To all the believers and the early adopters: thank you.”
Paradigm has invested in Kalshi over three sequential rounds this year, alongside our friends at Sequoia and a16z.
It’s one of the fastest growing companies we’ve ever seen.
Prediction markets are a civilization-scale truth telling machine, but they’re also a kind of… https://t.co/WIwuGjdUOX
— Matt Huang (@matthuang) December 2, 2025
In a separate press release, Matt Huang, co-founder and managing partner at Paradigm, the firm that led the funding round, added: “Kalshi’s exponential growth shows the scale of latent demand for prediction markets as a new asset class—from institutions to everyday people.
“People come for one type of market and stay for the breadth. We see this as an uncapped cultural and economic phenomenon, similar to how we felt about crypto a decade ago.”
What’s next for Kalshi?
Kalshi has clearly set its sights on expanding its sports contracts, pushing into the sector more and more in recent months. This has led to some states pushing back, arguing that the company is effectively offering sports betting without a license.
With the latest valuation news, however, the legal battles are clearly not hampering the growth of the company. Indeed, Kalshi has drummed up support among the crypto community in the last couple of days by announcing tokenized predictions on Solana, in a move that aims to offer “a fast, transparent, and fully programmable way to interact with real-world events”.
Featured image: Kalshi
