Kalshi doubled the value of the new $1 billion to $22 billion

Kalshi has raised more than $1 billion in a new financing round led by Coatue Management at a $22 billion valuation, the Wall Street Journal reported.

The deal more than doubles the company's $11 billion valuation in December and shows investors are still willing to pay for exposure to a bullish market.

Timing is of the essence as prediction markets are not a good side bet in crypto and fintech. The information mentioned by Artemis, the sector in the year It shows about $27 billion in January 2026 and $23.4 billion in February. Falcon X, citing Artemis data, has forecast market size to quadruple to $64 billion by 2025, with activity accelerating at the beginning of 2026.

Kalshi has emerged as one of the big winners in that business. The Wall Street Journal reported in December that the company's trading volume was around $11 billion, moving more than $1 billion a week.

The fundraising also comes as competitors and neighboring platforms vie for the same category. Crypto exchange MEXC launched a zero-fee prediction market this week, introducing event contracts to its users as a new form of trading. That follows a broader shift in crypto, with exchanges looking for prediction products alongside spots, futures and options, rather than leaving the category to independent platforms.

Polymarket remains the other dominant name in the space. A report earlier in October said the company was exploring a funding range of $12 billion to $15 billion after New York Stock Exchange parent ICE agreed to invest up to $2 billion in equity capital of $8 billion.

Recently, the Wall Street Journal reported that Polymarket, like Kalshi, is exploring a $20 billion fundraising. That means Kalshi's new $22 billion valuation still puts it slightly below Polymarket's latest reported target, at least on paper.