Kalshi, a regulated prediction market platform, announced it has secured $300 million in a Series D funding round, catapulting its valuation to $5 billion. The funding round was completed in August 2025, and it was led by Sequoia Capital and Andreessen Horowitz, with additional participation from Paradigm, CapitalG, Coinbase Ventures, General Catalyst, and Spark Capital.
Launched in 2018 by Tarek Mansour and Luana Lopes Lara, Kalshi operates under the oversight of the U.S. Commodity Futures Trading Commission (CFTC), making it the only fully regulated event futures exchange in the United States.
The platform enables users to trade binary contracts on the outcomes of real-world events ranging from politics and economics to sports and entertainment. Each contract represents a “yes” or “no” proposition tied to a specific event, with payouts determined by the actual outcome.
The latest funding round marks a pivotal moment for Kalshi, not only in terms of financial backing but also in its strategic direction. With the funding, Kalshi is expanding its reach beyond the U.S., launching a global platform that spans more than 140 countries.
This international rollout introduces a unified liquidity pool, enabling traders worldwide to participate in the same markets. According to Kalshi, this structure enhances price discovery and deepens market liquidity, distinguishing it from competitors that operate region-specific exchanges.
Kalshi’s growth has been rapid. In the past year, its annual trading volume has surged, and it now commands over 60% of global prediction market activity.
Kalshi’s recent legal victory against the CFTC also played a role in its expansion. Earlier this year, the platform won approval to list contracts related to the U.S. presidential election, a move that significantly broadened its market offerings. The firm has also introduced complex parlay-style wagers and integrated with brokerage platforms like Robinhood and Webull, making prediction contracts as accessible as traditional stocks.
Kalshi’s expansion into global markets underscores a broader shift in how financial markets interpret and trade on information. By enabling users to engage with uncertainty directly, prediction markets offer a novel way to hedge risk and express views on future events. As Kalshi continues to grow, it may redefine how investors, institutions, and everyday users interact with the financial implications of real-world outcomes.
