Kalshi said on Tuesday it had raised $1 billion in a financing round, more than doubling its valuation at $11 billion in about two months, as interest in prediction market platforms mounts.

The platforms allow users worldwide to trade binary contracts on outcomes in politics, sports, economics and entertainment. The model has drawn strong backing for its event‑based trading and risk management approach.

To get a piece of the pie, several others in the sector have tapped into similar offerings, with trading platform Robinhood , opens new tab launching a prediction markets hub in its app earlier this year.

Kalshi secured $300 million nearly two months ago in a round led by Sequoia and Andreessen Horowitz at a valuation of $5 billion.

The company’s biggest competitor, Polymarket, was reportedly in talks in October to raise capital at a valuation between $12 billion and $15 billion.

“Kalshi’s exponential growth shows the scale of latent demand for prediction markets as a new asset class — from institutions to everyday people,” said Matt Huang, co-founder and managing partner at Paradigm, in a statement.