Kalshi, a prediction market platform, has raised $1 billion at an $11 billion valuation, following a previous $300 million round. The company competes with Polymarket and allows users to bet on various future events, while navigating legal challenges related to gambling regulations.

Kalshi, a leading prediction market platform, accused a stock analyst of conducting an extortion plot after the analyst reported that users were losing money at a faster rate than on traditional gambling sites. Following the backlash, Kalshi retracted its statement, highlighting the tension in the growing prediction market industry.