📝 Kalshi raises $185M

Liam Gill
June 27, 2025

News of the Day

Kalshi, a U.S.-regulated prediction market platform, has just raised $185 million at a $2 billion valuation in a round led by Paradigm, which views prediction markets as a future trillion-dollar asset class, much like early cryptocurrency. The raise positions Kalshi ahead of rival Polymarket, which is reportedly raising $200 million at a $1 billion pre-money valuation despite being banned in the U.S. since 2022 due to regulatory issues with the CFTC. Kalshi, by contrast, reached a compliance agreement with the CFTC, giving it a regulatory edge that appeals to risk-conscious institutional investors, particularly as prediction markets gain traction in sectors ranging from politics to pop culture and sports.

Insane that Apollo posted this.
Their “average annualized return” metric shows that Private Equity and Private Credit are outperforming the S&P 500 over 1, 5 and 10 year periods.
Except that “average, annualized return” is a meaningless, made up metric that has nothing to do
— Gavin Baker (@GavinSBaker)
8:03 PM • Jun 26, 2025

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