Kalshi Hits $11 Billion Valuation, Closes in on DraftKings’ Market Cap Following $1 Billion Funding Round

Posted on: November 21, 2025, 12:21h. 

Last updated on: November 21, 2025, 12:27h.

Todd Shriber @etfgodfather Read More
Expertise: Financial, Gaming Business, Mergers and Acquisitions.
  • The prediction market is reportedly worth $11 billion following an undisclosed capital raise of $1 billion
  • Its valuation more than doubled in about six weeks
  • Kalshi is worth just $3.44 billion less than DraftKings

Prediction markets operator Kalshi reportedly raised $1 billion in fresh financing, pushing its valuation to $11 billion.

Kalshi, CFTC, US presidential election, gambling, lawsuit
Kalshi founders Luana Lopes Lara (left) and Tarek Mansour. The company reportedly raised $1 billion at an $11 billion valuation. (Image: CFTC)

Citing unidentified sources with knowledge of the matter, TechCrunch reported the news Thursday. The funding round hasn’t been disclosed as of yet, but if the report is accurate, it confirms Kalshi’s valuation has more than doubled in the span of about six weeks. Last month, the company finalized a Series D funding round of $300 million, pushing its valuation to $5 billion.

It’s believed Sequoia Capital and CapitalG led the latest capital raise for the company founded by Luana Lopes Lara and Tarek Mansour. Andreessen Horowitz, Paradigm, Anthos Capital, and Neo were the previous investors that also reportedly participated. No other prior investors participated in the latest capital raise, according to TechCrunch.

If the report is true, it implies Kalshi is close to its 10th capital raise, according to PitchBook data, and that its valuation has swelled 5.5x since June.

Kalshi Valuation Closing in on Those of Rivals

News of Kalshi’s valuation ascending to $11 billion arrives amid speculation that rival Polymarket is in talks on another financing round that could push its multiple to at least $12 billion, though there is some talk investors could value Polymarket as high as $15 billion.

Like its competitor, Polymarket is on a stunning run of commanding consistently higher multiples. If it raises capital at a $12 billion price point, it would imply the firm’s valuation surged 50% in a matter of weeks. In October, Intercontinental Exchange (NYSE: ICE), the owner of the New York Stock Exchange (NYSE), took a $2 billion stake in Polymarket at a premoney valuation of $8 billion.

For Kalshi, the $11 billion valuation puts it within striking distance of the $14.44 billion market capitalization currently sported by DraftKings (NASDAQ: DKNG), a sportsbook behemoth that’s in direct competition with event contracts platforms and one that’s getting into that business.

If Kalshi is worth $11 billion, and if it were a publicly traded company classified in the gaming industry, it would be worth more than all the US-listed members of that group except four: Flutter Entertainment (NYSE: FLUT), Las Vegas Sands (NYSE: LVS), DraftKings, and Wynn Resorts (NASDAQ: WYNN). At an $11 billion multiple, Kalshi is worth just $1 billion less than Wynn.

Kalshi Valuation Ascent a Win for Female Founders

Kalshi’s consistently ballooning valuation is also a win for female founders, and pushes the company higher up the list of unicorns — startups worth at least $1 billion — cofounded or founded by women. At $11 billion, Kalshi is one of the most valuable companies with a female founder, and the only one in the $10 billion+  club with direct ties to trading/wagering.

Last year, venture capital funding for female-founded or cofounded companies rose to $45.9 billion from $40.8 billion the prior year, but data indicate there’s work to be done.

“Still, companies founded solely by women garnered just 1% of total capital invested in US venture-backed startups last year,” according to PitchBook.