Prediction market platform Kalshi has completed a new funding round exceeding $1 billion, valuing the company at $22 billion, more than double its $11 billion valuation in its previous funding round last December. Sources familiar with the matter revealed that the round was led by Coatue Management. Kalshi currently has annualized revenue of $1.5 billion. Founded in 2018, Kalshi saw a surge in popularity after a court granted it permission to offer election trading in 2024. The company operates as a CFTC-regulated financial exchange, allowing it to conduct business nationwide under federal rules. Its trading volume surpassed $10 billion in February, a 12-fold increase from six months prior. Despite recent criminal lawsuits and regulatory controversies in states like Arizona, investors remain enthusiastic about the rapidly growing market. (Bloomberg)