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American Focus > Blog > Tech and Science > Kalshi closes $185M round as rival Polymarket reportedly seeks $200M
Tech and Science

Kalshi closes $185M round as rival Polymarket reportedly seeks $200M

Last updated: June 25, 2025 4:00 pm
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Kalshi Raises $185 Million Led by Paradigm, Valuation Hits $2 Billion

Kalshi, a prediction market platform, has secured a $185 million funding round led by Paradigm, a crypto-focused venture capital firm. This investment has pushed Kalshi’s valuation to $2 billion post-money. The news was confirmed by representatives from both Paradigm and Kalshi in a statement to JS.

In an email statement to JS, Matt Huang, co-founder and managing partner at Paradigm, expressed his optimism about prediction markets, likening them to the early days of cryptocurrency. He believes that prediction markets have the potential to become a multi-trillion-dollar asset class. Huang praised Kalshi as the ideal team to drive the growth of prediction markets and revolutionize how people engage with various topics, from elections and economic markets to weather and sports.

The Wall Street Journal was the first to report on Kalshi’s successful funding round.

Interestingly, this funding news comes on the heels of reports that Kalshi’s competitor, Polymarket, is in the process of raising $200 million at a $1 billion pre-money valuation, led by Founders Fund. However, this deal has not been finalized yet, according to sources. Founders Fund declined to comment on the matter.

Prediction markets leverage blockchain technology to enable users to speculate on the outcomes of diverse events, ranging from pop culture phenomena to political developments.

It is worth noting that Kalshi has navigated regulatory challenges more effectively than Polymarket. While Polymarket has faced bans in multiple countries, including the U.S., Kalshi has reached an agreement with the Commodity Futures Trading Commission (CFTC) to operate under its regulatory framework, allowing U.S. residents to use the platform legally.

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Regulators have raised concerns about the classification of prediction markets, debating whether they should be treated as gambling facilities or securities markets. Kalshi’s compliance with regulatory standards may provide reassurance to investors seeking stability and legal certainty.

Despite regulatory hurdles, Polymarket is striving to overturn its ban in the U.S., potentially benefiting from a more crypto-friendly regulatory environment. The recent partnership between Polymarket and X, spearheaded by Elon Musk, hints at the company’s strategic moves to expand its market reach. Details of this collaboration remain undisclosed.

TAGGED:185M200MClosesKalshiPolymarketreportedlyrivalSeeks
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