Kalshi raised $1 billion at a valuation of $11 billion, doubling the value in less than two months

Prediction marketplace Kalshi, which allows people to bet on future events, announced Tuesday that it has raised a $1 billion funding round at a valuation of $11 billion, confirming TechCrunch’s scoop from last month.

The round was led by returning investor Paradigm, with participation from Sequoia Capital, Andreessen Horowitz, Capital G and other existing backers. The latest funding comes less than two months after Calci announced it had raised $300 million at a valuation of $5 billion.

Although the trading platform rose in popularity last year when people used it to predict the outcome of the 2024 US presidential election, a large portion of Calci’s trades are actually related to sports, according to the New York Times.

Kalci is reportedly planning to announce a partnership with CNN. Additionally, future growth is expected to come from many companies using CalCH to hedge against business-specific risks, such as government shutdowns or adverse weather changes.

Bloomberg reported in October that Polymarket, Calci’s main competitor, was in talks to raise another round at a valuation of between $12 billion and $15 billion.