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.
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.