Prediction market platform Kalshi has completed a new $1 billion funding round at a valuation of $22 billion, led by Coatue Management.

CoinFeed reported on May 7th that, according to The New York Times, prediction market platform Kalshi has completed a new $1 billion funding round, led by Coatue Management, bringing its latest valuation to $22 billion. This is the company's third funding round in seven months, with each round roughly doubling its valuation. A funding round last December already made co-founders Tarek Mansour and Luana Lopes Lara paper billionaires. Kalshi claims to have approximately 2 million monthly active users, an annualized trading volume of $178 billion (more than three times the past six months), and annualized revenue exceeding $1.5 billion. The company is seeking to expand through partnerships with large financial institutions, although its sports and other contracts still face regulatory lawsuits in multiple states and insider trading concerns.