Kalshi, a U.S.-based prediction market, has closed its $1 billion financing round, which has pushed its valuation to around $11 billion, according to a press release.

The latest round was led by Paradigm, with participation from veteran venture capital firms including Sequoia Capital and CapitalG, Alphabet’s growth-equity arm. The news of the raise broke last month, when TechCrunch reported the $1 billion raise.

Kalshi, which offers binary event contracts that allow users to trade on outcomes of future real-world events like political races and legislation, overtook its rival Polymarket in Q3, racking up $4.47 billion in trading volume compared to Polymarket's total of $3.5 bilion, according to TokenTerminal data.

"Kalshi is replacing debate, subjectivity, and talk with markets, accuracy, and truth," said Tarek Mansour, CEO of Kalshi. “We have created a new way of consuming and engaging with information. It’s hard to have an opinion about the future today without thinking about Kalshi.”

The company, founded in 2018 and the first U.S.-regulated prediction market, also raised $300 million at a $5 billion valuation in October amid plans to expand globally.

Rival Polymarket is also in talks to raise more capital. In October, it was reported that executives were in talks with investors to discuss an investment that would value the company between $12 billion and $15 billion.

Read more: Kalshi Launches Tokenized Event Bets on Solana Blockchain: CNBC