Prediction market platform Kalshi has closed a funding round of over $1 billion led by Coatue Management, valuing the company at $22 billion. The deal doubles its December 2025 valuation of $11 billion — and marks the fourth major fundraise in under a year for the startup.

Fastest Valuation Run in Prediction Markets

The trajectory is striking: Kalshi was valued at $2 billion in June 2025, $5 billion in October, $11 billion in December, and now $22 billion in March 2026. Each round in this sequence was raised within months of the last. The December round was led by Paradigm and included Ark Invest, Andreessen Horowitz, and Sequoia Capital.

Regulatory Tailwinds

Kalshi's rise was partly blocked for years by the CFTC, which attempted to ban its election contracts in 2023. The company fought back in court, won a favorable ruling in September 2024, and got the regulator to drop its appeal in May 2025. Since then, capital has poured in.

A Certuity report estimates the global prediction market sector could reach $95.5 billion by 2035, growing at a 46.8% compound annual rate.

Competing With Polymarket

The rival crypto-native platform Polymarket was valued at $9 billion in October 2025 after a $2 billion investment from Intercontinental Exchange, the NYSE's parent company. Kalshi, which operates as a regulated CFTC exchange, now claims more than double that valuation.

The divergence signals that institutional capital is placing large bets on regulated prediction market infrastructure — not just the crypto-native version.