Kalshi Inc. raised more than $1 billion in a new funding round led by Coatue Management, valuing the company at $22 billion-double its December valuation.
The New York-based firm, regulated by the Commodity Futures Trading Commission, offers event-based financial contracts and saw trading volume exceed $10 billion in February-12 times higher than six months prior. Annualized revenue is now $1.5 billion.
Kalshi faces legal challenges in over a dozen states, including Nevada and Arizona, where regulators claim jurisdiction over sports and election betting. Last month, the company penalized two users for insider trading, including an editor linked to social-media star MrBeast, and is investigating over a dozen active cases.