Kalshi announced that it has raised more than $300 million in a $5 billion Series D funding round evaluation. The round was led by Sequoia and Andreessen Horowitz (a16z), with strong participation from returning investor Paradigm. Other backers include CapitalG, Coinbase Ventures, General Catalyst, and Spark Capital.
The news comes in the same week that Polymarket, Kalshi’s main competitor, revealed that InterContinental Exchange (ICE), the parent company of the New York Stock Exchange, It plans to invest up to $2 billion in its platform.
However, Calci has now moved ahead of Polymarket to become the largest player in the prediction market space, with more than 60% of the global market share, according to data from Dionne.
Kalshi recently raised over $300M at a $5B valuation from Sequoia, a16z, Paradigm and others.
Since then, we have grown more than 3x, reaching $50 billion in annual trading volume, and becoming the largest forecasting marketplace in the world.
Today…it has become global.
More than 140 countries. 1 Liquidity pool. pic.twitter.com/Z2myzRw9bA
– Tariq Mansour (@mansourtarek_) October 10, 2025
The tour was actually launched in August, and since then, Calci has expanded its reach to over 140 countries. This move created the world’s only unified global forecasting market and opened the door to billions of potential new users. People outside the US will reportedly now be able to use Kalshi through its website with the same experience as US customers.
Series D funding could push Calcchi into the mainstream
In a statement shared with ReadWrite, Alfred Lin, partner at Sequoia and member of Kalshi’s board of directors, said: “Tariq and Louana’s bold vision to make prediction markets mainstream initially attracted us to partner with Kalshi in 2020.
“Since then, they’ve built a company that defines categories and represents the future of how information is democratized in markets. We’re excited to deepen our partnership as Calci redefines what it means to have a say about the future.”
The exchange, which is regulated by the Commodity Futures Trading Commission (CFTC), has achieved a major milestone of more than One billion dollars were traded on its platformWhich pushed its annual trading volume to more than $50 billion. In September, Calci captured the majority of the global forecasting market volume, a huge jump from just 2% the previous year, and particularly impressive given that it was only operating in one country at the time.
“Kalshi has emerged as a leading platform for the prediction market, and we are thrilled to support it,” said Alex Emerman, Partner at a16z Growth Fund.
“Tariq and Luana have chosen the difficult but most responsible path to becoming the first CFTC-regulated prediction market, and their breadth of markets, liquidity and infrastructure are designed to scale. Kalshi has the opportunity to capture what may become the largest and most important financial market.”
Following the announcement, DraftKings stock fell 0.75%. and Flutter decreased 3%.
Featured image: Kalshi
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