New York, NY, December 2, 2025 – Kalshi today announced a Series E funding round of $1 billion at an $11B valuation. The round was led by Paradigm, with participation from Sequoia, Andreessen Horowitz, Meritech Capital, IVP, ARK Invest, Anthos Capital, CapitalG, and Y Combinator.
Kalshi is the world’s largest prediction market, where people can trade on real-world events. Founded in 2018, Kalshi created and established prediction markets as a new financial asset class. It has ushered in a fundamental shift in consumer behavior, where people have gone from passive watchers to active participants in what’s happening around them in the world.
"Kalshi is replacing debate, subjectivity, and talk with markets, accuracy, and truth," said Tarek Mansour, CEO of Kalshi. “We have created a new way of consuming and engaging with information. It’s hard to have an opinion about the future today without thinking about Kalshi.”
Kalshi’s recent growth reflects this reality, with trading volumes now surpassing $1b every week, up over 1000% from 2024. Millions of users access Kalshi weekly to trade the future in over 3,500 markets. Kalshi has also become the definitive source for staying informed about the future and is used by reporters, politicians, pundits, Wall Street, and Main Street. It recently called the NYC Mayoral election eight minutes after polls closed, hours before the media.
Kalshi will use the capital to further accelerate consumer adoption to the next hundred million customers, integrate more brokerages, strike news partnerships, and broaden its product offerings.
"Kalshi's exponential growth shows the scale of latent demand for prediction markets as a new asset class—from institutions to everyday people,” said Matt Huang, co-founder and managing partner at Paradigm. "People come for one type of market and stay for the breadth. We see this as an uncapped cultural and economic phenomenon, similar to how we felt about crypto a decade ago.”
About Kalshi
Founded in 2018, Kalshi is the world’s largest prediction market. Prediction markets provide accurate, real-time information on the likelihood of events, making humanity more informed about the future. Kalshi is credited with legalizing and establishing prediction markets as a financial asset class. It’s the leading safe and regulated platform trusted by millions of people in America. To learn more about Kalshi, visit www.kalshi.com.
About Paradigm
Paradigm is a research-driven crypto investment firm that funds companies and protocols from their earliest stages, often when there’s no more than an idea. The firm was founded in 2018 by Matt Huang and Fred Ehrsam on the belief that crypto is driving one of the most important technical and economic shifts of our time, as money, a financial system, and a new internet platform. For more information, please visit www.paradigm.xyz.