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May 7 (Reuters) - Prediction market platform Kalshi said on Thursday it had raised $1 billion in its latest funding round that valued the company at $22 billion, as institutional investors increasingly adopt event-based trading contracts.

The round was led by Coatue with participation from Sequoia Capital, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley, and ARK Invest.

Kalshi said it plans to use the proceeds to expand adoption among hedge funds, asset managers, proprietary trading firms, and insurance companies

Platforms such as Kalshi and rival Polymarket 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.