Kalshi Raises $1B At $11B Valuation As CNN Integrates Its Data Across News Coverage

Kalshi has raised $1 billion at an $11 billion valuation as CNN has announced that it will integrate the prediction market’s data across its news coverage. 

That’s as competition in the prediction markets space heats up, particularly in the US, while the digital asset space as a whole benefits from the pro-crypto stance adopted by President Donald Trump and his administration.

Kalshi Closes Billion-Dollar Funding Round

Confirming an earlier report by TechCrunch, Kalshi said in a recent statement that it closed a $1 billion Series E round at an $11 billion valuation.

The round was led by the crypto-focused venture firm Paradigm, and also saw participation from firms such as Sequoia, Andreessen Horowitz, and Cathie Wood’s ARK Invest. 

The latest raise has more than doubled Kalshi’s $5 billion valuation that it gained during a $300 million funding round in October. 

Kalshi said that the most recent funding will be used to integrate with more brokerages, form partnerships with news organizations, and expand its offerings. 

Prediction Market Volumes Soar In November

The raise also comes amid soaring volumes for Kalshi and its rival Polymarket. Both platforms posted record levels of activity in November following wider adoption via a series of integrations. 

Kalshi’s volume soared to $5.54 billion in November. This was more than the record $4.49 billion that it set in October, data from Token Terminal shows. 

Kalshi has also said that its trading volumes have spiked around 1,000% since 2024, and activity now surpasses $1 billion a week.

Kalshi has pulled ahead of its main rival, Polymarket, which set a new all-time high (ATH) volume of $3.76 billion last month. This was an uptick from the $3 billion activity seen the month before, which had been its previous record. 

Kalshi and Polymarket see record volumes in November (Source: Token Terminal) 

However, Kalshi’s dominance in terms of volumes could be challenged soon as Polymarket re-enters the US market. 

CNN Taps Kalshi For Prediction Markets Data

Kalshi’s volumes could increase further as CNN has named the prediction platform as its official data partner. The collaboration, which was announced Tuesday, will bring Kalshi’s data on real-time probabilities across political, cultural, and economic events into CNN programming and newsroom workflows.

The network plans to build Kalshi’s forecasts into on-air analysis and introduce a live ticker that will display the latest market-implied odds during segments that use the data. 

CNN’s integration with Kalshi will be led by Harry Enten, the network’s chief data analyst who also specializes in polling and probability-based reporting.

This marks the latest integration between a major company and a prediction market platform. 

Recently, Google announced that it will plug into both Kalshi and Polymarket to display their data in its Google Finance and Search products. 

Similarly, the NHL has announced multi-year deals with both Kalshi and Polymarket as well, and has named the two as its official prediction markets partners. 

The sports and fantasy sports operator PrizePicks also announced a multi-year partnership with Kalshi that will see it power its prediction markets offering. This is similar to the arrangement between Kalshi and Robinhood. The latter also said in its latest earnings call that its prediction markets offering is one of its fastest-growing businesses. 

Meanwhile, reports have started circulating that Galaxy Digital is in talks with both platforms to become a liquidity provider. 

Related Articles: