Kalshi hits US$2 billion valuation after latest funding round
Tarek Mansour, CEO of prediction platform Kalshi, announced in an X post that the company has closed a US$185 million funding round and is valued at US$2 billion.
Paradigm, a crypto-focused investment company, led the funding. Other prominent investors participated, including Sequoia, Multicoin, Neo, Bond Capital, and Citadel Securities CEO Peng Zhao.
Founded in 2018 by Mansour and Luana Lopes Lara, Kalshi lets users trade on real-world events, from sports and entertainment to politics and the economy.
Event contracts have seen rising interest since last year’s US presidential election, with supporters claiming they offer more accurate forecasts than traditional polling by relying on traders who have money at stake.
Critics, however, warn that these platforms serve as a ‘backdoor to gambling,’ an allegation the company firmly rejects. Last year, Kalshi secured approval to list contracts tied to the presidential race after successfully challenging the Commodity Futures Trading Commission in court.
Yet, the prediction platform is still controversial. Just last week, 36 US attorneys general formed a coalition opposing it.
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Charlotte Capewell brings her passion for storytelling and expertise in writing, researching, and the gambling industry to every article she writes. Her specialties include the US gambling industry, regulator legislation, igaming, and more.
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