Kalshi, a U.

S.-regulated prediction-market exchange, has announced a $5 billion valuation after closing a $300 million Series D funding round and outlining plans for significant global expansion.

Kalshi’s latest funding round was co-led by Andreessen Horowitz (a1z) and Sequoia Capital, with participation from Paradigm, Coinbase Ventures, General Catalyst, Spark Capital, and CapitalG. The round was heavily oversubscribed, attracting interest from prominent investors in both Silicon Valley and Wall Street.

The company operates a platform that enables users to trade on real-world events, transforming prediction markets into a mainstream financial asset class. Unlike traditional exchanges focused on assets such as stocks or commodities, Kalshi allows participants to speculate on outcomes ranging from elections and monetary policy decisions to sporting events and climate developments. The regulated exchange combines institutional-grade reliability with technology-driven execution speed, positioning itself as a “next-generation CME for the 21st century.”

The new capital will primarily support Kalshi’s international expansion, which includes the launch of a single global liquidity pool. This initiative aims to connect users across over 140 countries, replacing fragmented, region-specific markets with a unified global exchange. This model is expected to allow traders worldwide to access and price the same events, thereby enhancing both liquidity and price discovery. Kalshi also intends to broaden its market offerings, integrate with additional brokerages and financial institutions, and continue expanding its team to accommodate rapid global growth.

In the past year, Kalshi has demonstrated substantial growth, with its trading volume increasing 200-fold and its user base expanding 20 times. The firm currently accounts for over 60% of global prediction-market activity, even prior to its international launch.