Kalshi, co-founded by a Lebanese, raises $1 billion in new funding round

BEIRUT — Kalshi, a New York–based prediction market platform, has raised more than $1 billion in a new funding round, The Wall Street Journal (WSJ) reported on March 19.

Co-founded in 2018 by Lebanese entrepreneur Tarek Mansour and Brazilian Luana Lara Lopes, the platform allows users to trade on real-world outcomes and future events, from elections, sports and politics to economics and entertainment. It operates similarly to its main competitor, Polymarket.

In December, Kalshi had already raised $1 billion at a valuation of $11 billion. The latest round, led by U.S. investment firm Coatue Management, is set to double its valuation to $22 billion.

According to the WSJ, Kalshi’s revenue run rate – an estimate of annual revenue based on current performance – is about $1.5 billion.

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In February, trading volume on Kalshi surpassed $10 billion, roughly twelve times its level just six months earlier, according to data cited by Bloomberg.

Although prediction markets have existed for years, the sector has surged since 2024, gaining traction particularly in political betting. The company’s recent development has come despite intensifying scrutiny of the fast-growing industry. Platforms such as Kalshi and Polymarket have been facing mounting pressure from lawmakers over risks of insider trading, market manipulation, weak investor protections and wagering on harmful or violent events.

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The Israeli war on Lebanon, and the rhythm of Israeli bombardments, has also become a betting market. In December, more than $8 million was wagered on Polymarket, with people betting on whether Israel would strike Lebanese territory on a given day. This trend has raised serious ethical concerns.

On Feb. 12, Reuters had reported that an Israeli citizen and a reserve soldier were indicted by Israeli authorities for using classified information to place bets on military operations via Polymarket.