Kalshi Hits $2 Billion Valuation in Paradigm-Led Deal

Kalshi Inc., a prediction market that competes with Polymarket, said it has raised $185 million at a valuation of $2 billion. Paradigm, a venture capital firm focused on cryptocurrency investments, is leading the deal.

Kalshi is similar to Polymarket, which also is completing an investment at a valuation of more than $1 billion. While Kalshi is federally regulated and cleared to operate in the US, Polymarket is not registered with the Commodity Futures Trading Commission and its service is banned for Americans.