On October 10, 2025, Kalshi announced a major milestone, securing $300 million in a Series D funding round that values the company at $5 billion. This investment, co-led by Andreessen Horowitz and Sequoia Capital with participation from Paradigm and others, more than doubles the platform’s valuation since its $2 billion Series C just a few months prior in June.
A New Chapter of Global Expansion
This new capital accelerates Kalshi’s transformation from a U.S.-focused platform into a global financial exchange. The company is immediately launching its services in over 140 countries, creating a single, unified liquidity pool for event trading worldwide. This structure is unique to Kalshi, as other platforms often operate with fragmented, region-specific markets. However, the platform will remain restricted in 38 jurisdictions, including Canada, France, the UK, and Singapore.
The Core Advantage: Regulatory Clarity
A key differentiator for Kalshi in the prediction market space is its status as the first CFTC-regulated prediction market exchange. This regulatory compliance has built credibility with institutional investors and provides a stable foundation for its global ambitions. While Kalshi has successfully navigated federal U.S. regulation, it continues to face legal challenges at the state level over the classification of its sports contracts.
Market Position and Future Trajectory
Kalshi’s growth has been explosive. In the past year, its trading volume has grown 200-fold, and it now accounts for over 60% of global prediction-market activity. The company has emerged as the leader in this asset class, with one of its partners at Andreessen Horowitz noting that Kalshi “has the opportunity to capture what may become the largest and most important financial market”. With this funding, the company aims to expand market depth, launch new market types, and further integrate with brokerages and institutions, bridging the gap between prediction markets and traditional finance.
