Calci has raised more than $1 billion in new funding, valuing the prediction market platform at $22 billion, according to people familiar with the matter.
The funding round comes amid a new setback in Nevada, where a state court imposed a 14-day restraining order forcing the prediction market to stop offering sports, entertainment and elections contracts while regulators press their case that it operates as an unlicensed gambling operator.
Calci was temporarily blocked by a judge from offering predictive market contracts in Nevada, after state regulators said the company did not have a gaming license. https://t.co/in8URVlJWj
– Bloomberg (@business) March 20, 2026
The order, issued by Nevada’s 1st Judicial District Court after a federal appeals panel cleared the way for state enforcement to move forward, bars Calci from betting in the state at least until an April 3 hearing on the long-term status of prediction markets there.
Funding led by Kuato
Quato led the latest investment, which follows an earlier $1 billion round backed by Paradigm, Sequoia Capital, Andreessen Horowitz, ARK Invest and CapitalG, the Wall Street Journal reported. The round, led by Coatue Management, doubles the company’s value from December, when it was valued at about $11 billion.
Calci’s annual revenue reached about $1.5 billion, and trading volume in February exceeded $10 billion, twelve times higher than six months ago. The financing highlights continued investor interest in prediction markets, despite political and regulatory challenges surrounding the sector’s legitimacy and oversight.
Continue reading: Polymarket Captures Nearly 55% of Prediction Markets With Iran Bets Test for CFTC Campaign
The recent setback in Nevada highlights Calci’s exposure to state-level enforcement, even as investors price it at up to $22 billion.
In February, a panel of judges on the US Court of Appeals for the Ninth Circuit denied Calci’s emergency request to stay the civil lawsuit brought by regulators in Nevada, effectively paving the way for the state to move forward with allegations that… That’s enough for youThe regulated platform operates unlicensed sports betting under the guise of prediction markets.
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Legal experts say the ruling strengthens the hand of state gaming boards in their clashes with federally supervised event venues, and adds to a growing list of forums where Calci has fought to convince courts that commodity derivatives rules preempt traditional gambling law.
Legal scrutiny is mounting
This week, the Arizona Attorney General filed criminal charges
Kalci is accused of running an illegal gambling business. The company has denied the allegations, saying it remains in compliance with federal rules. Kalshi operates as a federated organization exchange Under the Commodity Futures Trading Commission, which allows it to offer contracts based on nationwide events.
A federal judge in Ohio recently denied Calci’s request to block state enforcement, saying Ohio’s authority to regulate gambling outweighs the company’s arguments about how its platform operates.
The Arizona case is the first time a state has brought criminal charges against Calci. The move also conflicts with growing efforts in Washington to place prediction markets under federal control alone, widening the gap between US regulators and state authorities.
CFTC Chairman Michael Selig took a more aggressive stanceordering the agency to intervene in the court fights and argue that federal derivatives law, not state gambling rules, should govern event contracts. It depicts a series of state actions against Kalshi, Coinbase, Crypto.com, and Polymarket as part of a coordinated nationwide campaign.
This article was written by Jared Kirroy at www.financemagnates.com.
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