Prediction market Kalshi has completed a new funding round of over $1 billion, valuing the company at $22 billion.

PANews reported on March 20th that, according to Bloomberg, prediction market platform Kalshi has completed a new funding round of over $1 billion, valuing the company at $22 billion, more than double its $11 billion valuation in December of last year. Sources familiar with the matter revealed that the funding round was led by Coatue Management. Kalshi currently has annualized revenue of $1.5 billion.

Founded in 2018, Kalshi saw a surge in popularity after a court granted it permission to offer election trading in 2024. Operating as a CFTC-regulated financial exchange, the company can conduct business nationwide under federal rules. Its trading volume surpassed $10 billion in February, a 12-fold increase from six months prior. Despite recent criminal lawsuits and regulatory controversies in states like Arizona, investors remain enthusiastic about the rapidly growing market.