Kalshi has raised $1 billion in new funding, giving the regulated prediction market platform an $11 billion valuation, according to TechCrunch. The latest round was led by Sequoia Capital and CapitalG, with additional backing from Andreessen Horowitz, Paradigm, Anthos Capital, and Neo.

The milestone brings Kalshi closer to the $12–$15 billion valuation range reportedly targeted by Polymarket, its fast-growing crypto-native competitor. It also follows just a month after Kalshi closed a $300 million round at a $5 billion valuation—highlighting the surge of investor interest pouring into the prediction market sector.

As a CFTC-regulated exchange, Kalshi offers event contracts tied to economic indicators, politics, and other real-world outcomes. Its positioning as a fully compliant, fiat-accessible U.S. marketplace has helped differentiate it from offshore and decentralized prediction platforms, attracting both retail and institutional users seeking regulatory clarity.

Polymarket, meanwhile, operates on blockchain infrastructure and allows participants to trade crypto-denominated yes-or-no markets on elections, financial events, and trending cultural topics. Its decentralized architecture appeals to crypto-native users drawn to transparency, programmability, and censorship resistance.

Together, the two companies have emerged as leading players in a rapidly growing industry that blends financial speculation with real-time information flows. Kalshi is betting on regulatory compliance to unlock mainstream adoption, while Polymarket is advancing a decentralized model that resonates with blockchain-focused traders.