Kalshi raises $1B at $22B valuation as institutional prediction market volume surges 800%!

Prediction market platform Kalshi has confirmed a $1 billion Series F raise at a $22 billion valuation, led by Coatue with participation from Sequoia Capital, Andreessen Horowitz, Paradigm, IVP, Morgan Stanley, and ARK Invest. The round, which confirms a Bloomberg report from March, will fund expansion of institutional services including block trading tools, broker integrations, and new risk products for asset managers and insurance firms.

The numbers behind the raise are striking: institutional trading volume on the platform jumped 800% over the past six months, while annualized trading activity more than tripled to $178 billion. Hedge funds and prop trading firms are increasingly using Kalshi's event contracts alongside conventional derivatives to hedge macro exposure or express directional views on economic outcomes.

The growth comes with friction. Nevada, New Jersey, Illinois, and…