Kalshi's valuation skyrocketed to over $10 billion, making the prediction market a hot spot for VC investment.

The US prediction market platform Kalshi, after completing a $300 million fundraising round at a $5 billion valuation in early October, attracted several venture capitalists within just a few weeks (VC) eager to bid, presenting new investment proposals with valuations exceeding $10 billion.

The court victory marks a turning point, and the platform's trading volume is迎爆發式成長.

Kalshi, headquartered in New York, was established in 2018, focusing on allowing users to make “prediction bets” on real-world events, ranging from presidential elections and sports events to the number of days the government is shut down, all of which can become trading targets.

Since winning the court case in October last year, Kalshi successfully opened trading for the “presidential election” themed contracts. This victory is seen as a key turning point for the prediction market and has significantly boosted the trading volume across the entire prediction market platform.

Kalshi CEO Tarek Mansour also stated on Twitter (X) on 10/10 that the company's annual trading volume has reached 50 billion USD, and market participation has indeed surged significantly.

Multiple rounds of fundraising have driven a surge in valuation, with well-known VCs participating.

After entering 2025, Kalshi has completed two rounds of large-scale fundraising:

June: Led by the crypto investment institution Paradigm, raised 185 million USD, with a company valuation reaching 2 billion USD.

Early October: Led by a16z and Sequoia Capital, raised $300 million, officially increasing the valuation to $5 billion.

In just a few months, Kalshi's valuation has doubled, attracting more attention from the market.

Multiple VCs are rushing in, with valuations breaking 10 billion.

According to informed sources, several venture capital firms have recently bid for Kalshi, with a valuation range between 10 billion and 12 billion USD.

These potential investors stated that even though Kalshi has not officially launched a new round of fundraising, they want to place bids in advance and secure investment opportunities. In response, Kalshi did not comment on the related rumors.

Competing head-on with Polymarket, the prediction market is entering a white-hot phase.

Kalshi's rapid growth has also intensified competition with Polymarket. The parent company of the New York Stock Exchange, ICE, recently announced it will invest up to $2 billion in Polymarket, valuing it at $8 billion.

At the same time, the National Hockey League (NHL) has become the first mainstream sports league to sign a contract with Kalshi and Polymarket, showing that the prediction market is entering the mainstream of sports, entertainment, and finance.

Concerns about market manipulation persist, and local regulatory agencies remain unconvinced.

Despite its astonishing growth rate, the prediction market is still mired in regulatory controversy. Although the CFTC has approved Kalshi to open some new markets, gaming regulators in various states in the U.S. continue to challenge in court, claiming that such transactions have a “gambling” nature.

At the same time, the outside world is also highly concerned about the potential risks of market manipulation and insider trading.

(Polymarket and Kalshi receive massive funding, eight major prediction market gameplay rules at a glance)

This article mentions that Kalshi's valuation has soared past 10 billion, making the prediction market a hot spot for VC investment, first appearing in Chain News ABMedia.