Kalshi, a prediction market platform, has raised $185 million in a funding round that values the company at $2 billion. Led by Paradigm with participation from Sequoia Capital and Multicoin Capital, the funding will be utilized to expand Kalshi's technology team and integrate prediction contracts into more brokerage platforms like Webull and Robinhood. Kalshi is federally regulated and authorized in the U.S., a key point of distinction from its main competitor Polymarket, which operates without such clearance. Recent regulatory developments saw the CFTC dropping its appeal against Kalshi, allowing the company to proceed with offering political event contracts. Prediction markets have been recognized for their potential to provide more accurate forecasts compared to traditional polling by aggregating collective participant expectations. Founded in 2018, Kalshi has previously raised a total of $156 million and handled significant trading activities during the 2024 U.S. presidential elections, notably in the sports betting category, which accounted for 79% of its trading volume in early 2025.

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