Prediction market platform Kalshi could be valued at more than $10 billion due to increasing investor interest, Bloomberg reports.
The new valuation comes just weeks after the New York-based startup completed a $300-million funding round at a $5-billion valuation. Investors from major venture capital firms, including Andreessen Horowitz and Sequoia Capital, are reportedly considering funding the company at valuations up to $12 billion.
Key Takeaways
- Kalshi could be valued at more than $10 billion amid increased interest from investors.
- The new valuation comes just after the prediction market secured $300 million in a Series D funding round.
- Kalshi is currently valued at $5 billion.
Founded in 2018, Kalshi enables users to trade on the outcomes of real-world events, ranging from political elections to sports, and recently earned a legal victory that allows it to list presidential election-themed contracts.
That ruling helped prediction markets surge in popularity, driving Kalshi’s annualized trading volume to $50 billion, according to chief executive officer Tarek Mansour.
The boom has intensified competition with rival platform Polymarket, which recently received up to $2 billion in backing from Intercontinental Exchange, the parent company of the NYSE. Yet, regulatory uncertainty continues to loom over the sector, with questions about market manipulation and the overlap between futures trading and gambling law.
NHL strikes landmark deal with Kalshi, Polymarket
In another boost for the prediction market sector and a first for a major sports league, the National Hockey League signed multi-year U.S. partnerships with both Kalshi and Polymarket.
The two companies will now be the league’s official prediction market partners. Both will have access to official NHL data, logos, and branding for use on their platforms and will gain exposure during televised NHL games through digital dashboards and virtual signage.
NHL business president Keith Wachtel described the partnership as a new era in fan engagement. Mansour hailed the deal as a milestone, saying it validates the company’s integrity and the long-term viability of prediction markets.
