Kalshi, the leading U.S.-regulated prediction market platform, announced today that it has closed a $1 billion funding round, valuing the company at $11 billion — more than doubling its $5 billion valuation from just two months ago.

The oversubscribed round was led by crypto-focused investment firm Paradigm, with participation from Sequoia Capital, Andreessen Horowitz (a16z), Charles Schwab’s family office, and several sovereign wealth funds. The capital raise comes on the heels of Kalshi’s record-breaking $5.8 billion in trading volume in November and the successful launch of thousands of tokenized event contracts on Solana yesterday.

The funding arrives amid fierce competition with rival Polymarket, which is reportedly in talks to raise at a $12 billion valuation after recently receiving CFTC approval to operate in the U.S. However, Kalshi has pulled ahead in monthly volume for two consecutive months and is the only platform currently offering both fiat and on-chain trading of the same event contracts under federal oversight.

Key plans for the new capital include:

• Major consumer marketing push and media partnerships (including a forthcoming multi-year deal with CNN)
• Full nationwide rollout of sports and entertainment markets
• Expansion of brokerage integrations (Robinhood, Fidelity, and Interactive Brokers in advanced talks)
• $2 million developer grants program to build on Kalshi’s Solana and Base markets

Since its landmark 2024 court victory against the CFTC that allowed event contracts in the U.S., Kalshi has grown from a niche platform to processing billions in monthly volume, attracting traders ranging from hedge funds to retail crypto users.

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