Prediction market Kalshi, a federally regulated competitor to Polymarket, has raised $185 million at a valuation of $2 billion, according to a press release.
This round brings the company’s total funding to date to $415 million, the release says. Kalshi said it plans to use the funding to scale the engineering team, launch new market structures, and collaborate with new partners.
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This comes less than a day after reports emerged that Polymarket was raising $200 million at a valuation of $1 billion, led by Peter Thiel’s Founders Fund.
Publicly available data from Kalshi’s API curated by Polymarket Analytics (not affiliated with Polymarket) shows that Kalshi has around $113 million in current active trading volume across all open markets, while Polymarket has just under $600 million.
Kalshi now hosts more active markets than Polymarket, but remains behind in open interest, a key metric that reflects liquidity and trader conviction in prediction markets.
A Dune dashboard shows that Polymarket has around 186,000 active traders.
Paradigm led Kalshi’s latest round. The crypto-focused VC recently led the Series A round for GTE, a decentralized exchange (DEX) that looks to rival HyperLiquid in speed.
In January, Donald Trump Jr. announced he was joining Kalshi as a senior advisor.
UPDATE (June 25, 2025, 20:00 UTC): Updates with figures based on a release sent by Kalshi versus Bloomberg reporting.