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