Kalshi raises over $1B at $22B valuation as trading and revenue surge amid legal and regulatory fights

Prediction-market platform Kalshi raised more than $1 billion in a financing round led by Coatue Management, pushing its valuation to about $22 billion — roughly double the $11 billion valuation reported in December 2025 ^{[1] [2] [3]}.

Reports say the company’s annualized revenue reached about $1.5 billion and February trading activity topped $10 billion, while Kalshi pursues commercial deals such as an agreement with Major League Baseball as it scales product offerings and user activity ^{[4] [5]}.

The fundraising and rapid growth come amid mounting regulatory and legal challenges: Arizona authorities have filed criminal charges alleging operation of an unlicensed gambling enterprise, and a Nevada appellate court decision has created paths for state officials to restrict some of Kalshi’s activities, highlighting continuing regulatory scrutiny ^{[4] [6]}.

Kalshi’s new capital and rising metrics mark a significant commercial milestone, but the company remains subject to active legal and regulatory developments that market participants and regulators will monitor closely ^{[1] [4] [6]}.