Kalshi raising $185 million at $2 billion valuation in a Series C round led by Paradigm

Venture firm Paradigm is leading Kalshi's latest $185 million Series C funding round, according to a statement on Wednesday. The U.S.-based prediction market is reportedly raising funds at a $2 billion valuation.

Multicoin Capital, Neo, Sequoia are also participating in the funding round, which will see support from Peng Zhao, CEO of Citadel Securities. This latest round brings Kalshi's total funding to date to $415 million. The company said it plans to use the funds to scale its engineering team, launch new market structures, and "bring prediction markets to the masses."

"The fundraise comes in the heels of exponential growth for Kalshi. In the past year alone, the platform has increased volume by 100x, users by 10x, active markets by 5x — all while securing multiple important licenses and legal victories, including a historic victory in federal court that enabled Americans to trade on the outcome of elections for the first time in over 100 years," the firm wrote.

Kalshi, founded in 2019, is a betting market that is regulated by the Commodity Futures Trading Commission, meaning it can operate in the U.S., unlike its main competitor, Polymarket. Both platforms enable users to place wagers on the outcomes of future events.

Until recently, prediction markets were largely an academic focus. Some researchers argue that they provide less biased interpretations of news events by aggregating views from people who have "skin in the game" by placing money on the line.

“Prediction markets remind me of crypto 15 years ago: a new asset class on a path to trillions. There's no better team than Kalshi to scale prediction markets and reshape how people think about everything from elections and economic markets to weather and sports,” Paradigm founder Matt Huang said in a statement. 

Polymarket and Kalshi both saw significant boosts during the 2024 U.S. election season and have since cooled off.

In September 2024, a D.C. District Court enabled Kalshi to list contracts related to congressional races, which the CFTC had initially sought to ban. Paradigm filed an amicus brief in support of Kalshi at the time.

Kalshi’s latest funding round comes on the heels of similar news from Polymarket, which is reportedly "nearing a deal" to raise $200 million at a valuation of over $1 billion, a Polymarket representative told The Block.

Kalshi previously raised $30 million in a 2021 Series A round as well as "tens of millions" in short-term loans from venture firms last year, TechCrunch reported at the time, citing anonymous sources.

Editor's note (June 25, 2025 — 2:50 p.m. ET): Updates figures with confirmation from Kalshi.