Prediction market Kalshi announced a $1 billion Series F round at a $22 billion valuation, led by Coatue, with participation from Sequoia Capital, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley, and ARK Invest.

This raise comes amid accelerating institutional demand. Over the past six months, institutional trading volume has increased 800%.Kalshi has emerged as the clear leader in the category, with over 90% of U.S. prediction market activity, as well as the majority of global volume. Over the past six months, annualized trading volume has more than tripled, growing from $52 billion to $178 billion.

This growth reflects a broader shift: prediction markets are moving beyond early adoption. Institutions are increasingly turning to event contracts to hedge real-world risk and access continuous, market-based signals on future outcomes.

Kalshi will use the new capital to scale adoption across hedge funds, asset managers, proprietary trading firms, and insurance companies – unlocking access to trillions of dollars in capital. The company will continue expanding its product suite, including recently-launched block trading capabilities, upcoming risk products, and deeper broker integrations tailored to institutional demand.

“Kalshi is building the leading platform for trading in real-world events,” said Philippe Laffont, Founder of Coatue. “Consumers have already embraced it, and we believe institutions will follow.”

“There are few categories in recent history that have scaled this quickly outside of AI,” said Tarek Mansour, co-founder and CEO of Kalshi. “Event contracts could become a trillion-dollar market, and we’re still in the early stages of that transition.”

Source: Kalshi