Kalshi Valuation Reaches $22 Billion After $1 Billion Series F

Kalshi said it announced a $1 billion Series F round that values the company at $22 billion, roughly double its valuation from about five months earlier, as the prediction market operator cited rapid growth in institutional activity.

The round was led by Coatue, with participation from Sequoia Capital, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley and ARK Invest, according to Kalshi’s May 7 announcement. The company said institutional trading volume on its platform increased 800% over six months.

Kalshi also said annualized trading volume rose to $178 billion from $52 billion during the same period. The company claimed it now accounts for more than 90% of U.S. prediction-market activity and the majority of global volume. Those market-share figures are company claims and were not independently verified in the brief.

The new Kalshi valuation highlights rising investor interest in regulated event-contract venues. KalshiEX LLC is a CFTC-designated contract market, a regulatory status that distinguishes it from platforms operating outside that framework.

The funding also arrives during an active legal and regulatory period for prediction markets. In April 2026, the Commodity Futures Trading Commission sued Arizona, Connecticut and Illinois over state enforcement actions tied to prediction markets. The Associated Press separately reported that a federal judge temporarily barred Arizona from enforcing gambling laws against prediction market operators and paused a criminal case against Kalshi.

Those proceedings remain part of the broader regulatory backdrop rather than a final resolution of the legal questions facing the sector. The brief does not establish that the lawsuits have permanently settled the boundary between federally regulated event contracts and state gambling laws.