Kalshi has announced that it raised more than $300 million in a Series D funding round at a $5 billion valuation. The round was led by Sequoia and Andreessen Horowitz (a16z), with strong participation from returning investor Paradigm. Other backers include CapitalG, Coinbase Ventures, General Catalyst, and Spark Capital.
The news comes in the same week that Polymarket, Kalshi’s main competitor, revealed that Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, plans to invest up to $2 billion in its platform.
Even so, Kalshi has now pulled ahead of Polymarket to become the biggest player in the prediction market space, holding more than 60% of global market share, according to data from Dune.
Kalshi recently raised $300M+ at $5B from Sequoia, a16z, Paradigm and others.
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
— Tarek Mansour (@mansourtarek_) October 10, 2025
The round was actually raised in August, and since then, Kalshi has expanded its reach to more than 140 countries. The move effectively created the world’s only unified global prediction market and opened the door to billions of potential new users. People outside the US will now reportedly be able to use Kalshi through its website with the same experience as American customers.
Series D funding could push Kalshi into the mainstream
In a statement shared with ReadWrite, Alfred Lin, partner at Sequoia and a member of Kalshi’s board, said: “Tarek and Luana’s bold vision to make prediction markets mainstream initially drew us to partner with Kalshi in 2020.
“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 CFTC-regulated exchange hit a major milestone with more than $1 billion traded on its platform, pushing its annualized trading volume above $50 billion. In September, Kalshi captured the majority of global prediction market volume, a huge leap from just 2% a year earlier, especially impressive given it only operated in one country at the time.
“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 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.”
Following the announcement, DraftKings stock dipped 0.75% and Flutter dropped 3%.
Featured image: Kalshi
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