Kalshi Raises $185M to Expand Regulated Prediction Markets, Hits $2B Valuation
On June 25, Kalshi, the only federally regulated prediction market in the U.S., raised $185 million in a late-stage funding round, reaching a $2 billion valuation. Led by crypto-focused firm Paradigm, with participation from Sequoia Capital, Multicoin CapitalDealroom has a profile for this one. Try Dealroom →, and Citadel Securities CEO Peng ZhaoDealroom has a profile for this one. Try Dealroom →. The investment marks a significant step for Kalshi as it works to make event-based trading as mainstream as stock trading.
Founded in 2018 by MIT graduates Tarek Mansour and Luana Lopes Lara, Kalshi operates under the Commodity Futures Trading Commission’s (CFTC) approval, giving it a unique regulatory edge over unregulated competitors. A key legal victory in late 2024 cleared the way for Kalshi to offer contracts on U.S. political outcomes—a move that helped the company see over $500 million traded during the 2024 election cycle.
Expanding beyond politics, Kalshi launched sports prediction markets in early 2025, which now represent more than 75% of its daily trading volume. The company also started accepting crypto deposits and is integrating with platforms like Robinhood and Webull, aiming to broaden its retail reach.
With this fresh capital, Kalshi plans to expand its team, introduce new contract types, and strengthen its position as the leading platform for event-based trading. “We’re building the Bloomberg Terminal of uncertainty,” said CEO Mansour—creating a place where investors can not only follow the future but actively trade on it.
Source:
A.M.
