Kalshi is reportedly raising another $1 billion for a valuation of $11 billion Coinstar

Market prediction platform Kalshi has reportedly raised an additional $1 billion from at least two venture capital firms, increasing its valuation to $11 billion.

Kalshi’s latest funding round was led by Sequoia Capital and CapitalG, according to to a report Thursday from TechCrunch that cited a person familiar with the matter.

Andreessen Horowitz (a16z), Paradigm, Anthos Capital and Neo were among the other investors from Kalshi that dropped out of the latest $1 billion funding round.

It comes about a month after Kalshi raised $300 million in October as it expanded to 140 countries. Sequoia participated in the deal, as did a16z and Paradigm.

That puts Kalshi’s valuation on similar ground to rival prediction platform Polymarket, which is reportedly looking to raise another round of funding at a valuation of between $12 billion and $15 billion.

Prediction markets allow users to buy and sell “yes” or “no” stocks as a means of betting on real-world events, from elections and sports to company earnings or the outcome of cultural events.