Kalshi Attracts Investor Offers Valuing Platform Above $10 Billion

Prediction market operator Kalshi is fielding investor offers that value the company at more than $10 billion, according to a Bloomberg report. The potential valuation positions Kalshi among the most highly valued regulated event-trading platforms to date.

The offers follow a recent $300 million funding round co-led by Andreessen Horowitz and Sequoia Capital, which had previously valued the New York-based startup at approximately $5 billion. Founded in 2018, Kalshi enables users to trade contracts tied to real-world outcomes, ranging from U.S. elections and economic data to sports contests and government shutdown durations.

Operating under a Commodity Futures Trading Commission (CFTC) license, Kalshi distinguishes itself from crypto-native competitors like Polymarket. A court victory in October 2024 allowed the platform to list presidential-election contracts, driving trading volumes to record highs. CEO Tarek Mansour noted the exchange has reached an annualized volume of $50 billion.

Competition in prediction markets is heating up. Intercontinental Exchange, owner of the New York Stock Exchange, recently committed up to $2 billion in Polymarket at an $8 billion valuation. The National Hockey League has also entered multiyear agreements with both Kalshi and Polymarket, marking the first major sports league to partner with prediction platforms.