Kalshi goes global after $300M raise at $5B valuation
Kalshi has raised $300 million in a Series D round led by Sequoia Capital and Andreessen Horowitz (a16z), valuing the prediction market at around $5 billion. That is more than double what it was worth just four months ago. Other investors in the round include Paradigm, CapitalG, Coinbase Ventures, General Catalyst, and Spark Capital.
The funding comes as Kalshi makes its biggest move yet: stepping outside the United States. The company has switched on access in more than 140 countries, calling it “the world’s only unified global prediction market.” For the first time, users outside the US can open the site and trade on the same markets as American customers, without any change to the product.
Expansion with limits
Kalshi hasn’t gone fully global, however. The platform is still unavailable in 38 jurisdictions, including the UK, Canada, France, and Australia. But Ireland and New Zealand have made the list, making the rollout appear to target countries with clearer or more predictable regulatory frameworks.
From outsider to frontrunner
Kalshi’s growth over the past year has been remarkable. The platform recently surpassed $1 billion in monthly trading volume, according to company data, pushing its annualised total above $50 billion. Just a year ago, that number stood closer to $300 million.
Data from Dune Analytics shows that between 11 and 17 September, Kalshi processed more than $500 million in weekly trades, maintaining average open interest of around $189 million. The company’s rise from niche startup to market leader has reshaped the prediction market landscape in record time.
A bet on regulation
Sequoia partner Alfred Lin said Kalshi’s founders, Tarek and Luana, stood out early for their conviction: “They have built a category-defining company that represents the future of how markets democratise information.”
A16z’s Alex Immerman added that Kalshi took the harder but smarter route by seeking CFTC approval from the start. That choice, he said, built the kind of foundation needed for real scale.
Kalshi’s regulated status gives it an advantage now that prediction markets are drawing closer scrutiny worldwide. The debate continues over whether these platforms should be treated as betting exchanges or as financial instruments. Recent discussion around Kalshi’s legal battles with Nevada regulators shows how blurred that line can be.
Investor confidence growing
Kalshi’s raise follows Polymarket’s $2 billion deal with Intercontinental Exchange (ICE), which valued it at $9 billion. The two funding rounds arrived within weeks of each other, and together they have brought serious attention from traditional finance. It is no longer a question of whether prediction markets have a future, but how quickly they will evolve.
For Kalshi, the timing is ideal with the company’s early decision to operate under federal oversight potentially giving it a smoother path now that it is expanding abroad.
Not without challenges
The company still has hurdles to clear. In September, Massachusetts regulators accused Kalshi of running an illegal sportsbook, claiming it bypassed state licensing rules and consumer protections. With more states eyeing similar actions, Kalshi’s legal team has plenty to keep busy.
At the same time, the company continues to refine its product. A 2024 partnership with Susquehanna International Group (SIG) boosted liquidity, while its new deal with STATSCORE brings real-time sports data into play, setting the stage for more dynamic event contracts.
The bigger picture
Backed by $300 million in funding and live in more than 140 markets, Kalshi is now pushing to make event trading a mainstream concept. The thinking is clear enough: if people already trade shares in companies, why not trade on the outcomes shaping those very stories? From politics to sport, these markets tap into what everyone is already talking about, turning sentiment into something measurable and, for some, investable.
Kalshi’s latest funding round and global expansion show how quickly prediction markets are maturing. What began as a niche experiment in financial forecasting now looks like a serious contender within the broader investment landscape. Whether it is elections, economic indicators, or global events, Kalshi is building the infrastructure for a new kind of market, one that trades not on what has happened but on what might.
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