A fast-rising prediction market platform has reached new financial heights.
Key Takeaways
- Kalshi founder Tarek Mansour announced the $185 million in funding on Wednesday
- Virtual capital firm Paradigm led the investment round, along with a handful of others
- The prediction trading platform aims to become “the most important financial market on the planet”
Kalshi founder Tarek Mansour announced on Wednesday that the online trading company that offers sports outcome contracts picked up $185 million in funding, increasing its valuation to $2 billion.
I’m excited to announce our $185M Series C valuing Kalshi at $2B.
— Tarek Mansour (@mansourtarek_) June 25, 2025
The round was led by Paradigm with participation from Sequoia, Multicoin, Peng Zhao, Neo, and Bond Capital.
People choose to work at Kalshi not because of the money we've raised, but because of our ambition:… pic.twitter.com/OGgZSwOPvj
“Today, we celebrate our team and community who have taken prediction markets mainstream and made Kalshi one of the fastest growing companies in America,” Mansour posted on the social media site X. “What once felt impossible now looks inevitable.”
Kalshi’s latest influx of investments came from a group led by virtual capital firm Paradigm. Investors Sequoia, Multicoin, Peng Zhao, Neo, and Bond Capital also participated in the funding.
“People choose to work at Kalshi not because of the money we've raised, but because of our ambition: build the most important financial market on the planet,” Mansour wrote.
Kalshi’s funding announcement comes days after competitor Polymarket said the global trading platform received $200 million in funding, which ups its valuation to $1 billion.
Start of something big
Kalshi allows users to purchase event contracts with choices “yes” and “no” on a variety of categories like political races, crypto movement, economic activity, and climate that pay out in real dollars. The prediction market platform is available in all 50 U.S. states and is regulated by the Commodity Futures Trading Commission.
The company burst onto the scene in the fall of 2024 when it won a court challenge to offer markets on the Presidential election, which took in over $500 million in trades.
In February, Kalshi began offering sports events with Super Bowl LIX. Since then, the company has branched out to college basketball, NBA, NHL, MLB, and soccer outcomes, among other sports.
Taking on challenges
Kalshi has come under fire in several states with legal sports betting. New Jersey, Maryland, and Nevada ordered Kalshi to stop operating in their jurisdictions, but the prediction market platform responded with lawsuits, claiming it isn’t regulated by state agencies.
“We are literally like a financial exchange, but the underlying trading is events,” Kalshi founder Tarek Mansour said in April. “The CFTC is our regulator. If the CFTC tells us to stop, we will absolutely stop. If they don’t, then we won’t.”
Kalshi has no plans of slowing down, and with the new funding, it’s poised to continue the accelerated growth with new ventures. The trading platform reportedly has been discussing a deal with sports betting operator FanDuel, with both sides looking to increase liquidity and market efficiency.
