Kalshi raises $1B at $11B valuation after best volume month

Kalshi has doubled its valuation after its latest Series E funding round, which come as the prediction market posted record trading volumes last month.

Prediction market Kalshi has closed a $1 billion funding round at a valuation of $11 billion, after seeing its best-ever monthly volume in November.

Confirming an earlier report by TechCrunch, Kalshi said on Tuesday that its latest Series E round was led by the crypto-focused venture firm Paradigm, with participation from other crypto-engaged VCs Sequoia, Andreessen Horowitz and Cathie Woods ARK Invest.

“Kalshi is replacing debate, subjectivity, and talk with markets, accuracy, and truth,” said Kalshi CEO Tarek Mansour. “We have created a new way of consuming and engaging with information.”

Kalshi raised $1B at an $11B valuation.

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…

— Tarek Mansour (@mansourtarek_) December 2, 2025

The latest raise more than doubles Kalshis $5 billion valuation it gained in a $300 million funding round in October, as the use of prediction markets, platforms allowing bets on everything from sports to geopolitical events, has soared.

Kalshi said it will use the latest funding to integrate more brokerages, form partnerships with news organizations, and expand its offerings.

Prediction market volumes peak in November

Kalshi, alongside its closest rival, Polymarket, posted record monthly trading volumes in November as the platforms benefited from wider adoption through integrations with other products.

Trading volume on Kalshi reached $4.54 billion in November, surpassing its previous record of $4.49 billion in October, according to Token Terminal.

Kalshi said that its trading volumes have grown 1,000% since 2024 and are surpassing $1 billion a week.

The platform has pulled ahead of Polymarket, which recorded a record $3.76 billion in volume for November, building on the $3 billion in volume in October, its last best-performing month.

The all-time monthly trading volumes of Kalshi (blue) and Polymarket (green) show both dominate the market and hit a peak in November. Source: Token Terminal

The surging volumes to Kalshi and Polymarket come as both companies have inked deals to weave into other platforms after carefully pitching their offering as a way of crowd-sourcing probabilities.

Google said last month that its adding Kalshi and Polymarket odds into its search results as part of an artificial intelligence-focused revamp of its financial data platform, Google Finance.

Major crypto exchange Coinbase was also found last month to be working on a website for a prediction markets platform, which indicated it would be powered by Kalshi.

Polymarket is also reportedly in talks with investors for a raise to value it between $12 billion and $15 billion. The company saw a $200 million funding round in June, led by Peter Thiels Founders Fund, which valued it at $1 billion.