According to a press release, the US prediction market Kalshi has completed US$1 billion in financing and its valuation has risen to approximately US$11 billion.
The latest funding round was led by Paradigm, with participation from veteran venture capital firms including Sequoia Capital and Alphabet’s growth equity unit CapitalG. Last month, TechCrunch reported on the $1 billion funding round.
Kalshi, which offers binary event contracts that allow users to trade based on the outcomes of future real-world events such as political campaigns and legislation, surpassed rival Polymarket in the third quarter, with trading volume reaching $4.47 billion, compared with Polymarket’s $3.5 billion, according to TokenTerminal.
“Kalshi is replacing debate, subjectivity and conversation with marketplace, accuracy and authenticity,” said Tarek Mansour, CEO of Kalshi. “We’ve created a new way to consume and engage with information. Today, it’s hard to have a view of the future without thinking about Kalshi.”
Founded in 2018, the company was the first U.S.-regulated prediction market and raised $300 million in October at a $5 billion valuation with plans for global expansion.
Rival Polymarket is also in talks to raise more capital. In October, it was reported that executives were in talks with investors to discuss an investment that would value the company at between $12 billion and $15 billion.
Read more: Kalshi launches tokenized event betting on Solana blockchain: CNBC
