Kalshi Raises $1B at $22B Valuation — Prediction Market Doubles in Five Months

CoinDesk·medium signal

Prediction market Kalshi confirmed a $1B Series F led by Coatue with Sequoia, a16z, Paradigm, Morgan Stanley, and ARK Invest, doubling its valuation from $11B to $22B in five months. Institutional trading volume surged 800%, annualized trading hit $178B, and revenue exceeds $1.5B annualized. Despite growth, several states have issued cease-and-desist orders arguing Kalshi's contracts resemble unlicensed sports betting.