BUSINESS

Kalshi Raises $1 Billion at $11 Billion Valuation

PUBLISHED Nov 21, 2025, 2:10 AM ET

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United States — Prediction market platform Kalshi closed a $1 billion funding round on Thursday, valuing the company at $11 billion, according to TechCrunch and industry reports. Returning investors Sequoia and CapitalG led the round, joined by Andreessen Horowitz, Paradigm, Anthos Capital and Neo. The financing follows a $300 million raise at a $5 billion valuation less than two months earlier. Industry data show Kalshi’s October monthly trading volume reached $4.4 billion and its mid‑October annualized volume approached $50 billion. Kalshi declined to comment. Competing platform Polymarket pursued separate financing talks this month. Based on 5 articles reviewed and supporting research.

By Lauren Mitchell | JQJO News

Timeline of Events

Kalshi founded roughly seven years ago as a U.S.-regulated prediction market platform.
October 2023: Kalshi announced a $300 million funding round at a $5 billion valuation.
Mid‑October 2023: industry reports placed Kalshi’s annualized trading volume near $50 billion.
October 2023: Kalshi recorded $4.4 billion in monthly trading volume, surpassing Polymarket that month.
20–21 November 2023: TechCrunch and industry outlets reported Kalshi closed a $1 billion round at an $11 billion valuation.

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Who Benefited

Venture capital firms and participating investors secured a large secondary stake increase and valuation uplift from Kalshi’s $1 billion round, reinforcing their market positions and potential unrealized gains.

Who Impacted

Competing platforms and smaller market entrants may face intensified valuation and fundraising pressure as investor attention concentrates on larger, U.S.-regulated prediction market firms like Kalshi.

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