Prediction Markets Boom Mints New Class of Young Billionaires

A flurry of recent investments is catapulting two upstart prediction-markets firms into the financial limelight, and turning their twenty-something founders into a new class of self-made billionaires.

For six years, Kalshi grew slowly, raising a total of about $100 million in a series of small funding rounds. But since June, the company’s valuation has exploded, increasing by 450%. It has raised almost $1.5 billion in outside equity this year alone, including a $1 billion funding round announced this week that valued the company at $11 billion.