Kalshi Raises $1B at $22B Valuation 💰 @Kalshi has raised over $1B in a Coatue-led round at a $22B valuation, roughly doubling from its $11B Series E in November. Annualized revenue has reached ~$1.5B, driven by growth in institutional participation. > The round reflects surging investor demand across prediction markets, with both Kalshi and Polymarket reportedly exploring raises around $20B. > Unlike Polymarket's crypto-native infrastructure, Kalshi operates a federally regulated exchange that converts crypto deposits into fiat for trading. > Arizona filed criminal charges against Kalshi's parent entities, alleging it operates an illegal gambling business without a license; Kalshi called the charges "seriously flawed." > A March 19 Ninth Circuit ruling denied Kalshi's emergency stay request in a Nevada case, potentially opening the door to further state-level action. > Tradeweb Markets recently partnered with Kalshi to distribute prediction market data, signaling growing TradFi integration. cc: @cthrin, @MaxJCrowley, @ediyork, @willibeemin