Kalshi closed a $1 billion funding round at an $11 billion valuation led by returning investors Sequoia Capital and CapitalG, with participation from a16z, Paradigm, Anthos and Neo. The new valuation follows a reported $300 million raise at $5 billion a month earlier and brings Kalshi closer to crypto-native rival Polymarket’s targeted $12–15 billion valuation. Kalshi emphasizes U.S. compliance, fiat onramps and legal clarity for event contracts versus Polymarket’s decentralized, blockchain-based approach.

Large $1B round and $11B valuation led by major VCs signal strong investor interest in Kalshi; the raise follows a $300M at $5B reported earlier and explicitly narrows the valuation gap with Polymarket; Kalshi is described as CFTC-regulated with fiat onramps and legal clarity while Polymarket is decentralized, facts that could influence market positioning.