Prediction market startup Kalshi has just hit a valuation of $22 billion after securing a $1 billion Series F round. That’s double its value in just five months, following a $1 billion Series E. The company is now valued at more than 30 times the combined market cap of British fashion retailer Next and gambling giant Flutter.

Kalshi, alongside rival Polymarket, has brought prediction markets to mainstream attention, allowing bets on everything from Met Gala outfits to sports outcomes. In a blog post, Kalshi announced that institutional trading had increased by 800% in the past six months and that it hosts 90% of US prediction market activity.

The latest funding round was led by Coatue with contributions from Sequoia, Andreessen Horowitz, and Paradigm. The company reportedly generates an annualized revenue exceeding $1.5 billion, suggesting a significant shift in how people are engaging with financial markets.

As we bet on the outcomes of global events, Kalshi’s rise hints at a growing interest in prediction markets that span from serious corporate use to casual entertainment. But will these bets shape our futures or just make them more entertaining?