Kalshi just raised $1 billion in a Series F funding round, pushing its valuation to $22 billion. That is double the $11 billion it was worth just five months ago.
The round, which closed on May 7, was led by Coatue with participation from Sequoia Capital, Andreessen Horowitz, Paradigm, IVP, Morgan Stanley, and ARK Invest.
Kalshi’s annualized trading volume jumped from $52 billion to $178 billion in roughly six months. Institutional trading volume surged 800% over the same period. The platform now commands over 90% of US prediction market activity.
CEO Tarek Mansour has suggested event contracts could eventually become a trillion-dollar market.
Kalshi operates as a CFTC-regulated exchange while aggressively embracing crypto infrastructure. The platform accepts deposits in USDC, Bitcoin, and Solana. Since December 2025, Kalshi has tokenized its event contracts on the Solana blockchain, allowing regulated prediction market contracts to live on-chain and interact with decentralized finance platforms like Jupiter and DFlow.
More than 17 states are actively contesting Kalshi’s sports-related event contracts. Congress is also investigating potential insider trading issues on the platform. Kalshi has won significant federal court battles in the past, including a landmark case against the CFTC that allowed it to list election contracts.
Morgan Stanley sitting alongside crypto-native firms like Paradigm in the same cap table signals that the prediction market thesis has crossed into mainstream financial infrastructure.