CoinDesk
Kalshi confirmed a $1 billion Series F at a $22 billion valuation, led by Coatue with Sequoia, Andreessen Horowitz (a16z), Paradigm, IVP, Morgan Stanley and ARK Invest participating. The raise confirms a Bloomberg report from March and lands as prediction markets have moved from crypto-native curiosity to a measurable Wall Street venue.
Institutional trading volume on Kalshi surged 800% over the past six months, with annualized trading activity more than tripling to $178 billion in the same window. The firm said the capital will fund block trading tools, broker integrations, and new risk products aimed at asset managers and insurance firms — an explicit push from retail-driven contracts to institutional infrastructure.
Why it matters
The investor roster is the clearest signal: Coatue, Sequoia, a16z, Paradigm and ARK on the same cap table is a crypto-meets-TradFi handshake. Hedge funds and prop shops are now using event contracts alongside conventional derivatives to hedge macro exposure or take positions on inflation, elections, and economic data prints. Prediction markets are no longer a side bet on elections — they're being wired into the same risk stack as swaps and futures.
Market impact
The growth comes with friction. Nevada, New Jersey, Illinois and other states have issued cease-and-desist orders or filed legal challenges, arguing that some event contracts resemble unlicensed sports betting. Kalshi maintains its federally regulated status puts it under the Commodity Futures Trading Commission (CFTC), not state gambling regulators, and is fighting the cases. A 300%+ jump in annualized volume to $178B makes the regulatory standoff unavoidable: a venue that size can't stay in legal limbo for long without forcing a federal-vs-state clarity ruling.
Frequently asked questions
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How much did Kalshi raise and at what valuation?
Kalshi confirmed a $1 billion Series F at a $22 billion valuation, led by Coatue with participation from Sequoia Capital, Andreessen Horowitz (a16z), Paradigm, IVP, Morgan Stanley and ARK Invest.
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How fast is Kalshi's institutional trading growing?
Institutional trading volume on Kalshi surged 800% over the past six months, while annualized trading activity more than tripled to $178 billion during the same period.
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What will Kalshi use the new funding for?
The firm said the capital will fund expansion of institutional services, including block trading tools, broker integrations, and new risk products aimed at asset managers and insurance firms.
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Why are regulators challenging Kalshi?
Nevada, New Jersey, Illinois and other states have issued cease-and-desist orders or filed legal challenges, arguing that some event contracts resemble unlicensed sports betting products. Kalshi maintains its federally regulated status places it under CFTC oversight.
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Who are the notable investors in Kalshi's Series F?
The round was led by Coatue and included Sequoia Capital, Andreessen Horowitz (a16z), Paradigm, IVP, Morgan Stanley and ARK Invest, according to the company's press release.
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