Source: Kalshi's valuation jumps to $11B after raising massive $1B round | TechCrunch

"Kalshi, a prediction market that allows people to bet on future events, has raised a massive $1 billion round at a $11 billion valuation, according to a person familiar with the deal. The round comes less than two months after the seven-year-old startup announced its previous fundraise of $300 million at a $5 billion valuation. The latest round is led by the company's returning investors Sequoia and CapitalG, the person said. Other investors in Kalshi include Andreessen Horowitz, Paradigm, Anthos Capital, and Neo."

"Kalshi and Polymarket surged in popularity last year after both prediction markets allowed people to bet on the outcome of the presidential election. These betting sites became even more prominent after they correctly predicted the results of New York City's mayoral election earlier this month. For the Mamdani versus Cuomo race, Kalshi purchased ad space on New York subway cars, running live screens that displayed the up-to-the-minute odds of each candidate winning, a marketing campaign that undoubtedly raised the company's brand awareness among New Yorkers."

Kalshi raised $1 billion at an $11 billion valuation in a round led by returning investors Sequoia and CapitalG, with participation from Andreessen Horowitz, Paradigm, Anthos Capital, and Neo. The raise followed a $300 million round at a $5 billion valuation less than two months earlier. Kalshi competes with Polymarket, which pursued large valuations after its own funding. Kalshi and Polymarket gained visibility after allowing bets on presidential and New York City mayoral elections. Kalshi ran subway ad campaigns showing live odds and expanded access to users in over 140 countries. The platform reached $50 billion in annualized trading volume, up from roughly $300 million.

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