Kalshi, a regulated prediction-market exchange based in the United States, has reached a valuation of $5bn following its latest funding round and global expansion efforts.
The company has raised $300m in a Series D funding round co-led by Andreessen Horowitz (a16z) and Sequoia Capital, with additional backing from Paradigm, Coinbase Ventures, General Catalyst, Spark Capital, and CapitalG. The round, which was heavily oversubscribed, drew interest from major investors across both Silicon Valley and Wall Street.
Kalshi operates a platform that allows users to trade directly on real-world events, effectively transforming prediction markets into a mainstream financial asset class.
Unlike traditional exchanges that focus on assets like stocks or commodities, Kalshi enables participants to speculate on events such as elections, monetary policy decisions, sporting outcomes, or climate developments.
The company’s regulated exchange combines institutional-grade reliability with technology-driven execution speed, positioning itself as a “next-generation CME for the 21st century.”
The fresh capital will fund Kalshi’s international expansion, which includes launching a single global liquidity pool that connects users across more than 140 countries.
This model replaces fragmented, region-specific markets with a unified global exchange, allowing traders worldwide to access and price the same events, enhancing both liquidity and price discovery.
The company also plans to broaden its market offerings, integrate with more brokerages and financial institutions, and continue expanding its team to support the platform’s rapid global growth.
Kalshi has seen extraordinary growth in the past year, with trading volume increasing 200-fold and its user base expanding 20-times. The firm now represents over 60% of global prediction-market activity, even before its international launch.
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