📝 Kalshi raises $1B

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Kalshi has reportedly closed a staggering $1 billion round at an $11 billion valuation, barely eight weeks after raising $300 million at a $5 billion valuation, underscoring the breakneck pace of capital flooding into prediction markets as they explode into the mainstream. Led again by Sequoia and CapitalG, the seven-year-old startup has grown into a global betting powerhouse, allowing users in more than 140 countries to wager on everything from Time’s Person of the Year to Rotten Tomatoes scores to the next U.S. presidential winner—momentum fueled by its accurate calls in high-profile elections, including New York City’s recent mayoral race, where Kalshi even ran live-odds screens in subway cars as part of an aggressive marketing push. Co-founded by MIT alumni and former hedge-fund traders Tarek Mansour and Luana Lopes Lara, Kalshi has seen trading volume skyrocket to $50 billion annually from just $300 million last year, even as it faces a patchwork of state-level gambling challenges, despite winning a major lawsuit against the CFTC. Its rapid ascent mirrors that of rival Polymarket, which is itself raising at a rumoured $12–$15 billion valuation, signalling a new arms race as prediction markets move from regulatory gray zone curiosity to one of fintech’s hottest, highest-velocity categories.

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