Kalshi, the prediction‑market platform, closed a new $1 billion round that lifts its valuation to $22 billion. Lead investor Coatue Management joined Sequoia, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley, and ARK Invest. The deal follows a surge in user activity and positions Kalshi to attract larger institutional players.

Annualised trading volume hit $178 billion, up more than 200% in six months, while revenue surpassed $1.5 billion. Two million monthly users now bet on everything from sports to weather. Kalshi’s CEO Tarek Mansour says institutional liquidity will tighten pricing and improve market depth, a key advantage for the next growth phase.

Kalshi executed its first custom block trade last week, an off‑exchange deal that grew institutional volume by 800% over the prior six months. The company has also secured a federal injunction blocking Arizona’s gambling‑law challenge, easing regulatory pressure. These moves signal a shift toward a more compliant, investor‑friendly model.

With rivals like Polymarket scrambling to launch U.S.–regulated platforms, Kalshi’s rapid scaling and legal wins give it a competitive edge. Investors now view the firm as a high‑growth bet in a niche that blends finance and probability. The latest funding round confirms that market‑makers can still command premium valuations.