Prediction platform Kalshi has raised a total of $1 billion at a valuation of $22 billion, as per a Reuters report.
The funding round was led by investment firm Coatue Management and adds capital to one of the largest betting platforms in the world, where users can bet on multiple events through the trading of binary contracts.
Kalshi previously raised $1 billion in December last year, which gave it a $11 billion valuation.
The update comes amid increased scrutiny of Polymarket and Kalshi, which have come under a negative limelight due to pushback from state regulatory authorities in America who have pegged their services as potentially harmful. Both state regulators in Massachusetts and Nevada have filed motions to stop Polymarket from operating. Polymarket is also facing bans in Argentina, Portugal, and Ukraine.
Despite the pushback, both Polymarket and Kalshi are CFTC-regulated