Published on: November 21, 2025, at 12:21 PM.
Updated on: November 21, 2025, at 12:27 PM.
- Kalshi’s prediction market has reportedly reached a valuation of $11 billion after raising $1 billion in an undisclosed funding round.
- The company’s valuation has experienced a significant increase, more than doubling within a mere six-week timeframe.
- Kalshi’s value is just $3.44 billion shy of DraftKings, a leader in the industry.
Recently, the prediction market operator Kalshi announced it secured $1 billion in new funding, elevating its valuation to $11 billion.
According to unnamed insiders, TechCrunch reported on this fundraising development. Although specifics of the funding round remain unshared, this news aligns with the fast-paced growth of Kalshi’s valuation, which surpassed $5 billion just last month after completing a $300 million Series D funding round.
It is believed that Sequoia Capital and CapitalG led this recent infusion of capital into Kalshi, co-founded by Luana Lopes Lara and Tarek Mansour. Previous backers, including Andreessen Horowitz, Paradigm, Anthos Capital, and Neo, are said to have also participated. However, other earlier investors did not take part in this latest funding, as per TechCrunch.
If this information holds true, it indicates that Kalshi is nearing its 10th funding round, according to PitchBook analytics, with its valuation ballooning by 5.5 times since June.
Kalshi’s Valuation Approaches Competitors
The announcement of Kalshi’s $11 billion valuation coincides with reports that rival Polymarket is negotiating another round that could increase its valuation to at least $12 billion, or potentially as high as $15 billion based on investor appetite.
Similar to Kalshi, Polymarket is experiencing impressive growth in its valuation. Should it secure funding at around $12 billion, it would mark a 50% increase in just a few weeks. Notably, in October, the Intercontinental Exchange (NYSE: ICE), which owns the New York Stock Exchange (NYSE), invested $2 billion in Polymarket at a valuation of $8 billion prior to this funding.
For Kalshi, reaching an $11 billion valuation puts it within proximity of DraftKings, currently valued at approximately $14.44 billion. DraftKings is a major player in the sports betting sector and is also exploring avenues in event contract platforms.
With a valuation of $11 billion, if Kalshi were publicly traded within the gaming sector, it would surpass all US-listed gaming companies except for Flutter Entertainment (NYSE: FLUT), Las Vegas Sands (NYSE: LVS), DraftKings, and Wynn Resorts (NASDAQ: WYNN). At this valuation, Kalshi is just $1 billion less than Wynn’s worth.
Kalshi’s Valuation Growth Represents a Milestone for Female Entrepreneurs
The rapid growth in Kalshi’s valuation is especially significant for female entrepreneurs, elevating the company on the list of unicorns—businesses valued at over $1 billion—founded or co-founded by women. With its valuation reaching $11 billion, Kalshi stands out as one of the premier companies with female leadership in the trading and wagering sectors.
Venture capital investment in female-led startups surged to $45.9 billion last year, up from $40.8 billion the year before, indicating progress yet highlighting ongoing challenges.
“Despite this increase, companies solely founded by women represented just 1% of the total capital invested in US venture-backed startups over the past year,” according to PitchBook.