TLDR
- Kalshi is seeking a $20 billion valuation, up from $2 billion in June 2025
- Women now make up 26% of users, up from 13% ten months ago
- The platform is expanding beyond sports into politics, economics, and pop culture
- Sports still account for roughly 65% of trading volume in 2026
- Regulators and Congress are pushing back on certain Kalshi markets
Kalshi, a U.S.-based prediction market platform, is in talks to raise funds at a valuation of around $20 billion. That figure is a major jump from the $2 billion valuation it held in June 2025 and the $11 billion it reportedly reached in December 2025.
The company has surpassed $1 billion in annualized revenue. Some sources told the Wall Street Journal the run rate is closer to $1.5 billion.
Sports currently dominate the platform, making up about 65% of trading volume so far in 2026. But Kalshi is pushing hard to change that mix.
The platform has been expanding into politics, economics, and pop culture markets. Users can bet on topics ranging from the Oscars and Taylor Swift to election outcomes and economic data.
A key part of Kalshi’s growth strategy is reaching audiences that traditional sportsbooks never attracted. That includes women and younger users who are more active in pop culture and social media.
Women now represent 26% of Kalshi’s user base. Ten months ago, that figure was 13%.
To drive that growth, Kalshi pays female influencers to post about their bets on social media. The company also features young women in its advertising and hosts pop culture-themed events.
Kalshi co-founder Luana Lopes Lara said the company hopes its user base will reflect the full U.S. demographic breakdown within a decade.
Why Traditional Sportsbooks Never Reached Women
Traditional sports betting was built around a specific type of user — someone who follows games closely, reads injury reports, and understands betting lines. Most advertising was aimed at that group.
Research shows women have historically preferred chance-based products like slots and lottery games. Men gravitated toward sports betting and skill-based formats.
Prediction markets sit somewhere between the two. They reward both knowledge and intuition, which may explain why they are gaining traction with women in ways sportsbooks never did.
Research suggests that 20% of women aged 18 to 49 now hold an active sports betting account. The number of women experiencing gambling-related harm has also been rising.
Regulatory Pressure and Controversy
Kalshi is facing legal challenges from state regulators who argue its sports markets violate gambling laws. Legislation has also been introduced at both the federal and state level to limit what kinds of markets the platform can offer.
The company has faced controversy over suspicious trades tied to a potential U.S. strike on Iran and markets linked to the removal of Iran’s Supreme Leader.
Separately, trades connected to the Super Bowl were linked to a fraternity with ties to Jeff Bezos’ stepson. Members placed bets after information about Bezos’ plans circulated within the fraternity’s network.
A separate rumor that actor Mark Wahlberg would attend the game triggered over $24 million in trading before it turned out to be false.
Rival platform Polymarket is reportedly exploring its own fundraising round, though it remains largely unavailable to U.S. users.
