Kalshi, a prediction market startup, announced a $1 billion Series F funding round on Thursday, valuing the company at $22 billion, which is double its $11 billion valuation from five months ago when it raised a $1 billion Series E. This round was led by Coatue with participation from Sequoia, Andreessen Horowitz, and Paradigm. The company informed Bloomberg that its annualized revenue surpasses $1.5 billion.
Kalshi, along with competitor Polymarket, has driven the growth of prediction markets where users bet on events ranging from celebrity fashion at the Met Gala to sports outcomes. According to a blog post by Kalshi, institutional trading on the platform increased by 800% over the past six months, and the platform hosts 90% of the prediction market activity in the U.S. Polymarket is working to lift remaining U.S. restrictions from a 2022 ban.