Kalshi has reportedly raised $1 billion at an $11 billion valuation, tightening the race with on-chain rival Polymarket, which is said to be seeking funds at a $12 billion valuation. The momentum comes as prediction markets — event trading venues where people buy and sell contracts on outcomes — see record activity and new visibility on Google Finance.
The round was led by existing backers Sequoia and CapitalG, with participation from Andreessen Horowitz, Paradigm, Anthos Capital, and Neo, according to TechCrunch, which cited people familiar with the deal. A Kalshi spokesperson declined to comment on the report.
Key facts at a glance
- $1B reported raise puts Kalshi near an ~$11B valuation (not yet confirmed).
- Polymarket is reportedly pursuing a round that would value it around $12B.
- October set new highs: Kalshi processed $4.4B; Polymarket handled $3.0B — $7.4B combined.
- Just a month earlier, Kalshi said it raised $300M at a $5B valuation (company post).
- Google Finance plans to display live market data from both platforms.
Why this matters
Prediction markets are pushing into the mainstream. They let users trade yes/no contracts about real-world events, from elections to sports to economic data — like a stock market for outcomes. Big-name investors and Google Finance support suggest this niche is becoming a serious new category in online trading and crypto.
If the new round is confirmed, Kalshis implied valuation would more than double from its $5B mark last month. That pace, alongside Polymarkets $12B target, shows heavy demand for platforms that turn news and expectations into tradable assets.
Kalshi vs. Polymarket: two roads to the same market
Polymarket runs fully on-chain. That means trades and settlement happen on a public blockchain, offering transparency and 24/7 access. The company has been working on a U.S. comeback, signaling a bid to serve domestic users more directly.
Kalshi operates off-chain, using its own systems, but is adding blockchain components through a partnership with RedStone, an oracle provider that feeds outside data to smart contracts. Kalshi also holds a green light from the Commodity Futures Trading Commission (CFTC) to run its event markets in the U.S., approval it secured in 2020.
Regulation, crypto, and the path forward
Kalshi had no explicit crypto plans when it was approved by the CFTC five years ago. That has changed. The company began accepting crypto deposits last year and outlined a bigger crypto push this summer. If more of its markets move on-chain, we could see hybrid models that blend regulated oversight with blockchain settlement.
The investor signal
Sequoia, CapitalG, a16z, and Paradigm backing a $1B round points to strong conviction in this sector. Venture firms are betting that event trading will sit alongside stocks and crypto in a standard investors toolkit, especially during major news cycles like elections or rate decisions.
What to watch next
- Confirmation and details of Kalshis reported raise and valuation.
- Polymarkets funding progress and timeline for a broader U.S. rollout.
- Launch timing for Google Finances live market data and the impact on user growth.
- Whether Octobers $7.4B in combined volume was a peak or the new normal.
- How fast Kalshis on-chain components expand via RedStone and similar tools.
Bottom line: Big money and bigger audiences are arriving. If regulators and platforms can keep markets fair and user-friendly, prediction trading could become one of the most-watched corners of both crypto and finance.