Kalshi said its trading volumes have grown 1,000% since 2024 and are surpassing $1 billion weekly.
Crypto News
Kalshi has closed a $1 billion funding round at an $11 billion valuation after recording its highest monthly trading volume in November. The Series E round was led by crypto-focused venture firm Paradigm, with participation from Sequoia, Andreessen Horowitz and Cathie Wood's ARK Invest.
The latest raise more than doubles Kalshi's $5 billion valuation from a $300 million funding round in October. According to Tuesday's announcement, the prediction market will use the funds to integrate more brokerages, form partnerships with news organizations, and expand its offerings.
Kalshi CEO Tarek Mansour stated the platform is replacing debate and subjectivity with markets and accuracy. Trading volume on Kalshi reached $4.54 billion in November, surpassing its previous record of $4.49 billion in October, according to Token Terminal data.
The platform has pulled ahead of its closest rival, Polymarket, which recorded $3.76 billion in volume for November following $3 billion in October. Kalshi said its trading volumes have grown 1,000% since 2024 and are surpassing $1 billion weekly.
The surging volumes come as both companies have integrated into other platforms after positioning their offering as a method of crowd-sourcing probabilities. Google announced last month that it is adding Kalshi and Polymarket odds into its search results as part of an artificial intelligence-focused revamp of Google Finance.
Major crypto exchange Coinbase was found last month to be working on a website for a prediction markets platform, which indicated it would be powered by Kalshi. Polymarket is reportedly in talks with investors for a raise to value it between $12 billion and $15 billion. The company completed a $200 million funding round in June, led by Peter Thiel's Founders Fund, which valued it at $1 billion.
Kalshi allows users to trade on contracts covering everything from sports outcomes to geopolitical events. The platform's rapid growth reflects broader adoption of prediction markets as tools for information discovery and probability assessment across financial and news platforms.
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