Kalshi, the world’s largest predictions’ market, announced a Series E funding round of $1 billion at an $11B valuation. The round was led by Paradigm, with participation from Sequoia, Andreessen Horowitz, Meritech Capital, IVP, ARK Invest, Anthos Capital, CapitalG, and Y Combinator.
Kalshi was founded in 2018, and as a predictions’ market where people can trade on real-world events. The company has ushered in a fundamental shift in consumer behavior, where people have gone from passive watchers to active participants in what’s happening around them in the world. It has also been credited with legalizing and establishing prediction markets as a financial asset class, according to the company’s press release.
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“Kalshi is replacing debate, subjectivity, and talk with markets, accuracy, and truth,” said Tarek Mansour, CEO of Kalshi. “We have created a new way of consuming and engaging with information. It’s hard to have an opinion about the future today without thinking about Kalshi.”
Matt Huang, co-founder and managing partner at Paradigm, which led the funding round, said in the release that Kalshi’s growth “shows the scale of latent demand for prediction markets as a new asset class.” “People come for one type of market and stay for the breadth,” Huang said. “We see this as an uncapped cultural and economic phenomenon, similar to how we felt about crypto a decade ago.”
Following the funding round, Kalshi also became CNN’s official prediction markets partner.
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Under the agreement, Kalshi’s real-time market data will be used inside CNN’s newsroom to support reporting on politics, economics, and major cultural events. CNN staff will have access to Kalshi’s probability data, which reflects how users price future outcomes based on trading activity. The integration will be overseen by CNN Chief Data Analyst Harry Enten, whose work focuses on applying data-driven insights to political and social reporting. Kalshi said the partnership is designed to provide viewers with clearer signals on emerging trends by showing how markets are reacting in real time.
The funding follows a surge in activity across prediction platforms. According to Token Terminal data cited by the company, Kalshi posted record trading volume of $4.54 billion in November, beating October’s $4.49 billion. Kalshi said weekly volumes are now exceeding $1 billion, representing growth of more than 1,000% since 2024. Its closest competitor Polymarket also recorded a strong November. It hit a monthly total of $3.76 billion after crossing $3 billion in October.