Kalshi, the largest U.S. prediction market, has raised $1 billion in a funding round led by Coatue Management, valuing the company at $22 billion, according to the Wall Street Journal. This valuation edges out its main competitor Polymarket, marking a notable milestone in the prediction market sector as of March 2026.
The funding round reflects Kalshi’s growing dominance in the prediction market industry, fueled by regulatory approval from the Commodity Futures Trading Commission (CFTC) in 2020. The company’s expansion into sports wagers in January 2025 further boosted its popularity. Kalshi’s spokesperson declined to comment on the raise, but the investment comes amid an intense rivalry with Polymarket, which was banned in the U.S. in 2022 before gaining CFTC approval in 2025.
Kalshi’s $22 billion valuation surpasses Polymarket’s $20 billion valuation, highlighting the competitive dynamics between the two firms. Polymarket recently announced an exclusive partnership with Major League Baseball, while Kalshi has engaged in promotional campaigns such as providing free groceries to New Yorkers. The regulatory landscape and innovative marketing efforts have shaped the market, with Kalshi currently holding the lead position.
The $1 billion investment led by Coatue Management cements Kalshi’s status as the top U.S. prediction market. The company’s valuation and funding round were reported in March 2026 by fortune.com and the Wall Street Journal, underscoring its financial and market strength.