Kalshi raising $100 million at $1 billion valuation with backing from Paradigm: report

The Block

Jun 25, 2025 17:14:23

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Venture firm Paradigm is looking to participate in Kalshi's latest $100 million funding round, according to Bloomberg. The U.S.-based prediction market is reportedly raising funds at a valuation of over $1 billion.

Kalshi is a betting market that is regulated by the Commodity Futures Trading Commission, meaning it can operate in the U.S., unlike its main competitor, Polymarket. Both platforms enable users to place wagers on the outcomes of future events.

Until recently, prediction markets were largely an academic focus. Some researchers argue that they provide less biased interpretations of news events by aggregating views from people who have "skin in the game" by placing money on the line.

Polymarket and Kalshi both saw significant boosts during the 2024 U.S. election season and have since cooled off.

In September 2024, a D.C. District Court enabled Kalshi to list contracts related to congressional races, which the CFTC had initially sought to ban. Paradigm filed an amicus brief in support of Kalshi at the time.

News of Kalshi’s latest funding round comes on the heels of similar news from Polymarket, which is reportedly "nearing a deal" to raise $200 million at a $1 billion valuation, according to The Information.

Kalshi previously raised $30 million in a 2021 Series A round as well as "tens of millions" in short-term loans from venture firms last year, TechCrunch reported at the time, citing anonymous sources.

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