Kalshi is worth more than any online gambling company, as the business is reportedly fundraising at a $22 billion valuation.
The Wall Street Journal reported Thursday that the prediction market raised $1 billion in a round led by Coatue Management. The report said that the funding round is ongoing.
A report earlier this month claimed that Polymarket is also seeking a similar valuation.
Coatue is led by French hedge-fund manager Philippe Laffont and has invested in companies including Anthropic, DoorDash, and Spotify.
The deal would make Kalshi worth more than FanDuel owner Flutter Entertainment. Flutter was worth $50 billion on the last day of August, but the rise of Kalshi and other prediction markets during football season caused its share price to plunge. Flutter, which also owns Pokerstars and some of the biggest gambling brands in the U.K., Italy, and Australia, is now worth $18.6 billion.
DraftKings experienced a similar fall of its share price in recent months and is now worth $12.3 billion, a little over half of Kalshi.
The only listed gambling company of any kind still worth more than Kalshi is Las Vegas Sands, the Asia-focused casino operator founded by Sheldon Adelson.
Kalshi’s valuation has rocketed in the last year. In June, the business raised $185 million at a $2 billion valuation. In October it announced a new fundraise at a $5 billion valuation, before raising more at an $11 billion valuation in December.
The prediction market made around $263.5 million in fee revenue in 2025, but has already passed that milestone this year. Its fee revenue in March alone could exceed $150 million, depending on how large a boost the company gets from the NCAA basketball tournaments. Its trading volume for the year so far is more than $28 billion.
The high valuation comes despite regulatory uncertainty for Kalshi. The business faces lawsuits across the country over the legality of its sports contracts. Federal courts in Nevada, Maryland, and Ohio, as well as a state court in Massachusetts, have ruled against Kalshi, but the prediction market has appealed those rulings and remains active in all 50 states. The $22 billion value likely prices in some level of risk of regulatory action.
