Kalshi, a prediction marketplace for betting on future events, announced that it has raised over $300 million at a valuation of $5 billion. The company’s value has increased 2.5-fold since its last fundraising just three months ago, when it was valued at $2 billion.
The recent capital got here from existing Kalshi investor Sequoia Capital, along with recent investor Andreessen Horowitz co-hosting the round. Paradigm Ventures, CapitalG and Coinbase Ventures also participated.
Kalshi also revealed that buyers in 140 countries can now place bets on its platform.
The forecasting market is seeing a dramatic increase in activity: Kalshi is expected to succeed in $50 billion on an annualized basis, a significant increase from the volume of around $300 million recorded last 12 months, New York Times reported.
Kalshi’s fundraising announcement follows an announcement made just days earlier by rival Polymarket, which revealed it had secured an investment of as much as $2 billion from Intercontinental Exchange (ICE), owner of the New York Stock Exchange, at an initial valuation of $8 billion. The deal valued Polymarket at $8 billion pre-money, a huge increase from the company’s $1 billion valuation just two months earlier in August.
Both Kalshi and Polymarket rose to prominence last 12 months, attracting significant attention from markets predicting the presidential election results.
Polymarket is prohibited from serving U.S. residents as of 2022 as a results of a settlement with the Commodity Futures Trading Commission (CFTC). In July, the company acquired a derivatives exchange and clearing house. The move helped Polymarket win the right to re-enter the US market. Last month, the company’s CEO and founder, Shayne Coplan, he said on X: “The CFTC has given Polymarket the green light to launch operations in the US.”
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Kalshi secured Americans the right to make use of its platform after successfully suing the CFTC last 12 months.