Predictive Marketplace Kalshi Hits $11B Valuation After Fresh $1B Raise – Co-Founders Now Paper Billionaires

• Kalshi raised $1 billion at an $11 billion valuation, its third funding round in 2025.
• Paradigm led the round, joined by major investors including Sequoia, Andreessen Horowitz, ARK Invest, and CapitalG.
• Co-founders Tarek Mansour and Luana Lopes Lara now hold paper billionaire status with 20–25% stake each.

Predictive marketplace Kalshi announced on Tuesday that it has raised $1 billion at an $11 billion valuation in its third funding round this year.

Paradigm, an existing backer, led the funding round. It also included participation from Sequoia Capital, Andreessen Horowitz, Meritech Capital, IVP, ARK Invest, Anthos Capital, CapitalG, and Y Combinator.

According to a report by The New York Times, the latest valuation has reportedly made the co-founders, Mansour and Luana Lopes Lara, paper billionaires, with each owning 20% to 25% of the company.

Expansion On The Horizon

The report added that the company is also moving to broaden its reach, including an expected partnership with CNN, according to a source familiar with the arrangement. They said Kalshi aims to leverage media collaborations to increase user adoption and mainstream awareness of predictive marketplaces.

Predictive Markets Getting More Competitive

Kalshi, one of the sector’s largest players, previously raised funds this fall at a $5 billion valuation. It faces stiff competition from Polymarket, which recently gained regulatory approval to operate in the U.S. 

Both companies have been engaged in a race to secure funding. In October, Kalshi announced a $300 million round, while Polymarket secured a potential multibillion-dollar investment from the owner of the New York Stock Exchange. On Stocktwits, retail sentiment around Polymarket, which is not a publicly traded company, trended in ‘extremely bullish’ territory amid ‘extremely high’ levels of chatter.

The rise of prediction markets has also disrupted traditional online sports gambling. Firms like DraftKings (DKNG) and FanDuel are now exploring entry into prediction markets to diversify beyond sports betting.

Read also: Bitcoin’s Price Steadies At $86,000 After $1B Liquidations – Grayscale Sees New Highs In 2026

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