Kalshi Secures $300 Million in Series D Funding, Achieving $5 Billion Valuation Amid Global Expansion Efforts

The prediction platform Kalshi has successfully raised $300 million in its Series D funding round, led by Andreessen Horowitz and Sequoia Capital. The company is now valued at $5 billion.

According to a press release, the venture firm Paradigm played a «significant role» in the investment round. Other participants included Coinbase Ventures, General Catalyst, Spark Capital, and CapitalG.

«This [funding] paves the way for Kalshi’s global expansion, allowing traders outside the U.S. to access the platform and creating a truly unified prediction market,» the statement said.

Kalshi noted that they have opened access to their platform for users from over 140 countries. The funds raised have enabled the creation of a unified liquidity pool, connecting «traders around the globe.»

The company’s future plans include the development of new types of prediction markets, integration with a broader range of institutional frameworks, and scaling up their infrastructure.

In September, Kalshi displaced its main competitor, Polymarket, from its leading position in the segment. The platform’s share of the global trading volume in the prediction market exceeded 60%.

According to data from the dashboard on Dune, Kalshi is increasing its dominance. In the past week, trading volume surpassed $956 million, more than double that of Polymarket.

Kalshi operates in the U.S. as a regulated platform under the Commodity Futures Trading Commission (CFTC).

Meanwhile, Polymarket is preparing to return to the U.S. after years of operating solely abroad. In July, the company acquired the regulated derivatives exchange QCEX for $112 million.

In the same month, Polymarket’s founder and CEO, Shane Coplan, confirmed the U.S. Department of Justice’s closure of its investigation into the platform. The CFTC also withdrew its previous claims.

Experts believe that Kalshi’s success is largely driven by wagering on sports events, a sector that has seen rapid growth in the United States following the Supreme Court’s 2018 decision to overturn the federal ban on such practices.

In May, Kalshi reached a global settlement with the CFTC after a dispute arose in 2024 regarding the launch of prediction markets for the November elections. As a result, both parties dropped their respective claims while agreeing to cover their legal expenses.

Notably, reports suggest that Polymarket is considering raising additional funding that could boost the platform’s valuation to $9 billion.