Kalshi, the only U.S. Commodity Futures Trading Commission-regulated prediction market, said it has raised $185 million in a Series C round that values the New York-based exchange at $2 billion. The financing was led by crypto-focused investor Paradigm, with backing from Sequoia Capital, Multicoin, Neo, Bond Capital and Citadel Securities chief executive Peng Zhao. Chief Executive Tarek Mansour said the proceeds will expand Kalshi’s technology team and deepen broker integrations after the platform won court approval last year to list political contracts. Separately, rival Polymarket is close to securing about $200 million in fresh capital at a valuation topping $1 billion, according to The Information and other outlets citing people familiar with the matter. The round is expected to be led by Peter Thiel’s Founders Fund and would include roughly $50 million in previously undisclosed commitments. Polymarket operates offshore and is not registered with the CFTC, blocking U.S. users while it explores a potential path to regulation. The twin fund-raisings underscore renewed investor appetite for event-driven trading venues after last year’s U.S. presidential election drove record volumes. With Kalshi now a $2 billion company and Polymarket poised to reach unicorn status, backers are betting that prediction markets can move beyond political wagering to become mainstream tools for hedging and price discovery.