Kalshi, a prediction market that allows people to bet on future events, has raised a massive $1 billion round at a $11 billion valuation, according to a person familiar with the deal. The round comes less than two months after the seven-year-old startup announced its previous fundraise of $300 million at a $5 billion valuation.

The latest round is led by the company’s returning investors Sequoia and CapitalG, the person said. Other investors in Kalshi include Andreessen Horowitz, Paradigm, Anthos Capital, and Neo.

Kalshi and Sequoia declined to comment. CapitalG didn’t respond to our request for comment.

Kalshi’s main rival, Polymarket, was reportedly in talks last month to raise another funding round at a $12 billion to $15 billion valuation, mere weeks after closing a $1 billion round at an $8 billion pre-money valuation, Bloomberg reported.

...