Prediction market Kalshi, which permits folks to wager on future occasions, announced on Tuesday that it raised a $1 billion funding spherical at an $11 billion valuation, confirming TechCrunch’s scoop from last month.

The spherical was led by returning investor Paradigm, with participation from Sequoia Capital, Andreessen Horowitz, Capital G, and different current backers. The newest funding comes lower than two months after Kalshi introduced that it raised $300 million at a $5 billion valuation.

Though the buying and selling platform surged in reputation final 12 months when folks used it to foretell the end result of the 2024 U.S. presidential elections, a big portion of Kalshi’s trades are literally tied to sports activities, in keeping with The New York Occasions.

Kalshi is reportedly planning to announce a partnership with CNN. Moreover, future progress is predicted to come back from numerous firms utilizing Kalshi to hedge in opposition to business-specific dangers, similar to authorities shutdowns or hostile climate adjustments.

Polymarket, Kalshi’s foremost rival, was reportedly in talks to boost one other spherical at a $12 billion to $15 billion valuation, Bloomberg reported in October.