Kalshi valued at $5 billion as it expands to 140 countries, aims to globalise prediction markets

Kalshi announced that it has expanded to more than 140 countries and raised over $300 million in fresh funding, as the U.S.-based prediction market seeks to establish a single global exchange for trading on future events.

The Series D funding round, co-led by venture capital firms Sequoia and Andreessen Horowitz, values Kalshi at $5 billion, more than double the $2 billion valuation it disclosed in June. Other investors included Paradigm, CapitalG, Coinbase Ventures, General Catalyst, and Spark Capital.

Kalshi, which offers regulated markets allowing users to trade contracts on outcomes ranging from elections to sports and central bank decisions, said it now accounts for over 60% of global prediction-market activity despite previously being available only in the United States.

“This week, Kalshi set a new record in trading volume, with over $1 billion traded on the platform, bringing Kalshi’s annualized volume above $50 billion,” the company said.

Kalshi recently raised $300M+ at $5B from Sequoia, a16z, Paradigm and others.

Since then, we've grown over 3x, hit $50B of annualized volume, and became the largest prediction market in the world.

And today…Kalshi goes global.

140+ countries. 1 liquidity pool. pic.twitter.com/Z2myzRw9bA

— Tarek Mansour (@mansourtarek_) October 10, 2025

It added that “in September, Kalshi captured the majority share of global prediction market volume despite only operating in a single country, a rapid rise from a 2% share just one year ago.”

The company said it now operates under a single global liquidity pool, connecting U.S. and international users to the same markets, a structure it described as unique in the sector.

A spokesperson confirmed that users in restricted countries such as the United Kingdom could still access accounts if they were already verified and “while traveling or temporarily located elsewhere,” as reported by InGame.

Kalshi’s rapid growth has rattled publicly listed U.S. sportsbooks, whose shares fell after the announcement. FanDuel’s stock slipped 3%, while DraftKings dipped 0.75%.

Sequoia partner Alfred Lin praised co-founders Tarek Mansour and Luana Lopes Lara for driving the company’s rise.

“Tarek and Luana’s bold vision to make prediction markets mainstream initially drew us to partner with Kalshi in 2020,” Lin said. “Since then, they’ve built a category-defining company that represents the future of how markets democratize information. We’re excited to deepen our partnership as Kalshi redefines what it means to have an opinion about the future.”

Kalshi called itself one of the fastest-growing technology firms in the United States, and the fastest-growing outside the artificial intelligence sector.

Prediction markets have grown from a niche experiment into a full-fledged financial asset class, the company said, adding that they are the only markets allowing people to trade directly on real-world events.