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Another day, another giant round for a predictions marketplace.

Who could’ve predicted that?

Well, apparently anybody who’s been watching this space in recent months. The two leading names — and — have been busily scooping up billions in fresh commitments as they expand platforms that let users wager on events ranging from the Stanley Cup to the Epstein Files release.

Today, New York-based Kalshi it raised $1 billion in Series E funding at an $11 billion valuation. Crypto-focused investment firm led the financing, with participation from , , , , , , and .

Notably, Kalshi’s latest raise comes barely a month after its prior round, a $300 million financing at a reported . In hindsight, a quick up round seemed, well, predictable.

That’s because Kalshi’s chief rival, Polymarket, has been on an even more capital-intensive trajectory. Just last month, New York-based Polymarket up to $2 billion in strategic investment from stock and futures exchange giant , parent company of the . The deal set an $8 billion pre-money valuation for the startup.

Kalshi calls itself the world’s largest prediction market. It’s seen hyper-charged growth, with trading volumes now surpassing $1 billion every week, up more than 1,000% from 2024, per the funding announcement.

To date, the 7-year-old company has raised $1.6 billion in known funding, per ¸½½üÉÏÃÅ . In its early days, it was a participant in Y Combinator’s 2019 winter batch of startups.

Beyond being places to make or lose money, predictions marketplaces are also growing a cultural phenomenon, providing insights into how people envision future events unfolding, be they elections or interest rate moves.

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