Blockworks

Prediction market operator Kalshi is receiving investor offers valuing the company at more than $10 billion, according to a Bloomberg <a href="https://www.bloomberg.com/news/articles/2025-10-22/prediction-market-kalshi-fields-investor-offers-at-over-10-billion-valuation?srnd=phx-crypto">report</a>.&nbsp;



That valuation would make Kalshi one of the largest prospective valuations yet for a regulated event-trading platform.&nbsp;



The offers come just weeks after Kalshi closed a $300 million round co-led by Andreessen Horowitz and Sequoia Capital, which pegged the New York-based startup at around $5 billion.



Founded in 2018, Kalshi lets users trade contracts tied to real-world outcomes — from U.S. elections and economic data to sports contests and government shutdown durations.&nbsp;



The company operates under a Commodity Futures Trading Commission (CFTC) license, distinguishing it from crypto-native venues such as Polymarket, a major rival. After a court victory in October 2024 allowed Kalshi to list presidential-election contracts, trading volumes surged to new highs.&nbsp;



Chief executive Tarek Mansour said this month the exchange has reached an annualized volume of $50 billion.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Kalshi recently raised $300M+ at $5B from Sequoia, a16z, Paradigm and others. Since then, we&#39;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. <a href="https://t.co/Z2myzRw9bA">pic.twitter.com/Z2myzRw9bA</a>&mdash; Tarek Mansour (@mansourtarek_) <a href="https://twitter.com/mansourtarek_/status/1976641515549348160?ref_src=twsrc%5Etfw">October 10, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The competition in prediction markets is intensifying. Intercontinental Exchange, owner of the New York Stock Exchange, recently pledged up to $2 billion in Polymarket at an $8 billion valuation. The National Hockey League became the first major sports league to partner with both Kalshi and Polymarket under multiyear agreements announced this week.



This is a developing story.



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This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Michael McSweeney</a>&nbsp;before publication.



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Kalshi

Kalshi attracts investor offers valuing platform above $10 billion: Report

Kalshi, the US-regulated prediction market operating under Commodity Futures Trading Commission (CFTC) oversight, has raised $300 million in new funding at a $5 billion valuation, <a href="https://www.nytimes.com/2025/10/10/business/dealbook/kalshi-prediction-market-fundraising.html">according</a> to The New York Times on Friday.



The company allows investors to trade on the outcomes of real-world events—from elections to inflation data—and has increasingly attracted both institutional and crypto-native traders seeking regulated exposure to event-based markets.



The platform, founded in 2018 by Tarek Mansour and Luana Lopes Lara, operates legally under the CFTC’s designated contract market status, distinguishing it from decentralized or offshore prediction venues that lack regulatory approval.



Its new funding reportedly includes participation from both Wall Street funds and crypto-focused investors, reflecting a broader trend toward convergence between traditional finance and Web3-linked derivatives. Kalshi’s move into “hybrid trading” seeks to blend event-driven contracts with more familiar asset-class tools, extending its reach to professional traders and retail users alike. Event-based trading has grown as market participants look for instruments tied directly to data releases or political outcomes. Kalshi’s expansion follows rising institutional interest in alternative hedging tools, and comes amid regulatory scrutiny of unlicensed platforms offering similar services.



The company’s CFTC oversight and compliance posture have been cited as key competitive advantages as it positions itself at the intersection of financial innovation and regulatory legitimacy.



This is a developing story.



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This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>
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