Kalshi Reaches $2 Billion Valuation After $185 Million Raise
Kalshi just scored a $185 million Series C funding round, hitting a $2 billion valuation. Led by Paradigm, with Sequoia Capital, Multicoin Capital, and Citadel Securities CEO Peng Zhao pitching in, the cash drop makes Kalshi a unicorn and a half.
A Big Win for Prediction Markets
CEO Tarek Mansour, who co-founded the company in 2018 with fellow MIT grad Luana Lopes Lara, called it a turning point: “We’ve gone from a pipe dream to mainstream.”
The platform’s been on fire, especially during the 2024 U.S. presidential election, when its markets saw $875 million in bets. A New York City mayoral primary contract alone pulled in $16 million.
Unlike its rival Polymarket, which is chasing a $1 billion valuation, Kalshi’ operates in the U.S under the CFTC regulations.
What’s the Money For?
Kalshi’s still hiring tech talent to link up with brokers like Webull and Robinhood, making it easier for regular folks to jump in. They’ve also teamed up with ZeroHash to accept crypto deposits tapping into the Web3 crowd.
“We’re building a platform that lets people predict anything, from inflation to Super Bowl winners,” Mansour told. The goal’s to scale fast and integrate deeper with financial apps.
The company’s already outpacing Polymarket, which faces state-level bans for its unregulated setup. Kalshi, though, isn’t free from headaches.
Ten states, including Nevada and New Jersey, have slapped cease-and-desist orders, arguing its sports contracts mimic online gambling.
Kalshi’s fighting back, winning a temporary court nod in New Jersey to keep running. These legal scraps could slow their roll, but the $2 billion valuation shows investors are betting on their staying power.
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