Kalshi Hits Unicorn Status With Latest Funding—Joins Polymarket in Elite Billion-Dollar Club

Move over, traditional markets—Kalshi just joined the billion-dollar boys' club.

The prediction market platform secured fresh funding at a unicorn valuation, putting it alongside rival Polymarket in the rarefied air of nine-figure startups. No terms disclosed—because why would VCs ever share those?

Prediction markets are having a moment. From political odds to crypto price swings, platforms letting users bet on real-world outcomes are attracting both Silicon Valley checks and regulatory side-eye. Kalshi's the first SEC-regulated player in the space—which either makes them the responsible adult or the slowest gazelle in the pack.

One thing's clear: When even prediction markets can't predict their own regulatory future, maybe the real gamble is investing at these valuations.

Kalshi now hosts more active markets than Polymarket, but remains behind in open interest, a key metric that reflects liquidity and trader conviction in prediction markets.

A Dune dashboard shows that Polymarket has around 186,000 active traders.

Paradigm led Kalshi's latest round. The crypto-focused VC recently led the Series A round for GTE, a decentralized exchange (DEX) that looks to rival Hyperliquid in speed.

In January, Donald TRUMP Jr. announced he was joining Kalshi as a senior advisor.