A second round of funding in less than five months has more than doubled Kalshi’s latest valuation for a U.S. event-outcome trading company that’s expanding globally.
Key Takeaways
- Kalshi raised $300 million from investors in August, resulting in a significant increase in valuation.
- The prediction market platform is expanding to over 140 countries.
- Kalshi has already become a leader in event-outcome trading, despite previously only operating in the U.S.
On Friday, Kalshi announced that it had raised a $300 million Series D investment in August from Sequoia Capital and Andreessen Horowitz (a16z), as well as contributions from Paradigm, CapitalG, Coinbase Ventures, General Catalyst, and Spark Capital.
Combined with the $185 million round of funding in June, Kalshi’s valuation has exploded from $2 billion to $5 billion. The prediction platform is now operating in more than 140 countries with the same product experience as in America, founder Tarek Mansour announced.
Kalshi recently raised $300M+ at $5B from Sequoia, a16z, Paradigm and others.
— Tarek Mansour (@mansourtarek_) October 10, 2025
Since then, we've grown over 3x, hit $50B of annualized volume, and became the largest prediction market in the world.
And today…Kalshi goes global.
140+ countries. 1 liquidity pool. pic.twitter.com/Z2myzRw9bA
Going big
The overseas expansion will increase trading volume that already set a weekly record with $1 billion in trades. Kalshi had the majority of the world’s trading volume in September as well.
“Kalshi has emerged as the leading prediction market platform, and we're thrilled to back them,” said Alex Immerman, partner on a16z’s Growth Fund. “Tarek and Luana (Lopes Lara) chose the difficult but more responsible path of becoming the first CFTC-regulated prediction market, and their breadth of markets, liquidity, and infrastructure are built for scale. Kalshi has the opportunity to capture what may become the largest and most important financial market.”
Founded in 2019, federally regulated Kalshi has quickly become a major prediction market app. The company burst onto the scene during the 2024 Presidential Election when it was awarded a court order to offer political contracts.
Sports spark controversy
Kalshi, which also offers markets on pop culture, economics, and other real-time events, expanded into sports this year. Kalshi now has contracts for trading on the NFL, college football, MLB, NBA, NHL, soccer, and more.
“Tarek and Luana's bold vision to make prediction markets mainstream initially drew us to partner with Kalshi in 2020," said Alfred Lin, partner at Sequoia and Kalshi board member. “Since then, they’ve built a category-defining company that represents the future of how markets democratize information. We're excited to deepen our partnership as Kalshi redefines what it means to have an opinion about the future.”
The platform is available in all 50 U.S. states, which has created court battles with jurisdictions that operate legal sports betting. Kalshi’s sports markets now include spreads, totals, player props, and more, which are similar to what sportsbooks like FanDuel and DraftKings currently offer. A handful of U.S. states are involved in lawsuits with Kalshi over sports contract trading.
