Kalshi

Prediction Markets · Fintech · Trading Infrastructure

Funding

Kalshi adds $200M to Series F, holding $22B valuation

New backers joined right before reports emerged of talks to push that valuation far higher within weeks.

• Kalshi secured an additional $200 million from new investors Baillie Gifford and Layer Global, expanding its earlier $1 billion Series F round while keeping its valuation at $22 billion.
• Kalshi runs a federally regulated exchange, overseen by the CFTC, where users trade contracts tied to real-world outcomes like elections, sports and economic data.
• The underlying $1 billion Series F was led by Coatue Management, with Sequoia Capital, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley and ARK Invest also participating.
• Kalshi's monthly trading volume hit roughly $31.5 billion in June 2026, nearly triple rival Polymarket's $10.8 billion, with annualized fee revenue estimated between $850 million and $1.5 billion.
• The $22 billion mark already represented a doubling from Kalshi's $11 billion valuation in November 2025, and by late July the company was reportedly in talks to raise again near a $40 billion valuation.
• The rapid-fire top-ups and near-simultaneous talks of a far higher valuation show institutional capital racing into regulated prediction markets faster than any single round can price the sector.