Record Funding and Valuation
Kalshi revealed its successful $1 billion funding round on Tuesday, with the round led by crypto-focused venture firm Paradigm. The investment saw participation from prominent venture capital firms including Sequoia, Andreessen Horowitz, and Cathie Wood’s ARK Invest. This substantial funding round more than doubles Kalshi’s previous valuation of $5 billion, which was established during a $300 million funding round in October.
Tarek Mansour, CEO of Kalshi, expressed his vision for the platform, stating, "Kalshi is replacing debate, subjectivity, and talk with markets, accuracy, and truth. We have created a new way of consuming and engaging with information."
Kalshi raised $1B at an $11B valuation.
— Tarek Mansour (@mansourtarek_) December 2, 2025
A decade ago, only a few thousand people knew what a prediction market was.
Eighteen months ago, most prediction markets were banned - until we overcame the government to set them free.
Over the past seven years, our community has opened… pic.twitter.com/hGDkYxkSlh
The company plans to utilize the newly acquired funds to integrate more brokerages, forge partnerships with news organizations, and broaden its product offerings.
November Sees Peak Prediction Market Volumes
In November, Kalshi, along with its primary competitor Polymarket, experienced unprecedented monthly trading volumes. This surge is attributed in part to the wider adoption of prediction markets through integrations with other products.
According to Token Terminal, Kalshi recorded trading volumes of $4.54 billion in November, surpassing its previous record set in October. The company also stated that its trading volumes have seen a 1,000% increase since 2024, with weekly volumes now exceeding $1 billion.
Polymarket also achieved a record in November, with $3.76 billion in trading volume, building on its previous best month of October, which saw $3 billion in volume.
The substantial increase in trading volumes for Kalshi and Polymarket coincides with strategic partnerships and integrations. Both companies have been actively pitching their platforms as tools for crowdsourcing probabilities.
In a significant development, Google announced last month that it is incorporating odds from Kalshi and Polymarket into its search results as part of an AI-focused update to Google Finance. Furthermore, major crypto exchange Coinbase was reportedly developing a prediction market platform that would be powered by Kalshi.
Polymarket is also reportedly in discussions with investors for a funding round that could value the company between $12 billion and $15 billion. This follows a $200 million funding round in June, led by Peter Thiel’s Founders Fund, which valued the company at $1 billion.