Born and raised in Burgas, Bakalova began her career in Bulgarian cinema while attending the National Academy for Theatre and Film Arts. She mostly portrayed dramatic roles in films such as Transgression (2017), The Father (2019), Last Call (2020), and Women Do Cry (2021). She rose to prominence after starring in the 2020 mockumentary film Borat Subsequent Moviefilm, which earned her a nomination for the Academy Award for Best Supporting Actress. 

Bakalova has since starred in films of various genres, including Bodies Bodies Bodies (2022) and The Apprentice (2024). She has also had voice roles, including in the Marvel Cinematic Universe film Guardians of the Galaxy Vol. 3 (2023) as Cosmo the Spacedog and in the DC Universe series Creature Commandos (2024).

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