Kalshi has raised more than $1 billion at a $22 billion valuation in a new financing round led by Coatue Management, the Wall Street Journal reported.

The deal roughly doubles the company’s valuation from its $11 billion December raise and shows investors are still willing to pay up for exposure to the prediction market boom.

The timing matters because prediction markets are no longer a niche side bet in crypto and fintech. Data cited by Artemis shows the sector processed roughly $27 billion in January 2026 and $23.4 billion in February. FalconX, citing Artemis data, said prediction market volume climbed nearly fourfold to about $64 billion in 2025, with activity accelerating sharply into early 2026.

Kalshi is emerging as one of the biggest winners in that trade. The Wall Street Journal reported in December that the company’s trading volumes had already moved above $1 billion a week around the time of its $11 billion round.

The fundraising also lands as competitors and adjacent platforms race to capture the same category. Crypto exchange MEXC launched a zero-fee prediction market this week, pitching event contracts as a new trading vertical for its users. That follows a broader shift in crypto, where exchanges increasingly want prediction products alongside spot, futures, and options rather than leaving the category to standalone platforms.

Polymarket remains the other major name in the space. Earlier reporting from October said the company was exploring a funding round at a valuation of $12 billion to $15 billion, after ICE, the parent of the New York Stock Exchange, agreed to invest up to $2 billion at an implied valuation of about $8 billion.

More recently, the Wall Street Journal reported that Polymarket, like Kalshi, was exploring fundraising at roughly a $20 billion valuation. That means Kalshi’s new $22 billion valuation would still put it modestly ahead of Polymarket’s latest reported target, at least on paper.