Kalshi’s valuation reaches $5 billion days after rival Polymarket received a $2 billion boost on the New York Stock Exchange at an $8 billion valuation.

Kalshi, a prediction marketplace that allows people to bet on future events, announced it has raised more than $300 million at a valuation of $5 billion. The company’s value has increased 2.5 times since its last fundraising campaign just three months ago, when it was valued at 2 billion dollars.

The new capital came from Calci’s existing investor, Sequoia Capital, with new investor Andreessen Horowitz. Co-lead the tour. Paradigm Ventures, CapitalG, and Coinbase Ventures also participated.

Kalci also revealed that consumers in 140 countries can now bet on his platform.

The prediction market is seeing a significant spike in activity: annual trading volume is expected to reach $50 billion, which is a significant increase from the roughly $300 million volume last year. New York Times I mentioned.

Kalshi’s fundraising announcement comes on the heels of one made just days ago by Its arch rival is Polymarketwhich revealed that it had secured an investment of up to $2 billion from InterContinental Exchange (ICE), owner of the New York Stock Exchange, at a pre-fund valuation of $8 billion. The deal valued Polymarket at US$8 billion upfront, a massive increase from its US$1 billion valuation just two months earlier in August.

Both Kalshi and Polymarket rose to prominence last year, attracting significant attention for their presidential election outcome prediction markets.

Polymarket has been banned from serving US residents since 2022, following a settlement with the Commodity Futures Trading Commission (CFTC). In July, the company acquired a derivatives exchange and clearing house. This move helped Polymarket gain re-entry into the US market. Last month, the company’s CEO and founder, Shane Coplan, He said on X: “Polymarket has been given the green light to start operating in the USA by the Commodity Futures Trading Commission (CFTC).”

Calci then won the right for Americans to use her platform Successfully sued the CFTC last year.