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Kalshi funding, valuation and investors
CFTC-regulated prediction-market exchange for event contracts.
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Funding, valuation & investors
Answer-first snapshotLatest funding
Series E
$1B · November 2025
Latest known valuation
$5B
Series D · October 2025
Total disclosed equity funding
$1B
Excludes debt, grants, acquisitions, secondaries, and IPO proceeds.
Current status
private
growth · New York, New York
Overview
Kalshi operates a CFTC-regulated exchange where users trade event contracts on economic, political, cultural, and sports outcomes. Founded by MIT graduates Tarek Mansour and Luana Lopes Lara, Kalshi became the first federally regulated prediction-market platform in the United States. The company raised a $300M+ Series D in October 2025 co-led by Sequoia and Andreessen Horowitz at a $5B valuation, followed by a $1B Series E in November 2025 led by Paradigm.
Why Kalshi is interesting
Kalshi holds the only CFTC-regulated prediction-market exchange license in the US — Sequoia and a16z co-led a $300M+ Series D at $5B in October 2025, then Paradigm led a $1B Series E weeks later.
Product & use cases
Kalshi lists event contracts (yes/no binary outcomes) on regulated topics — elections, economic indicators, sports, weather. Users trade contracts priced 1–99 cents reflecting probability; winners receive $1 per contract at settlement.
- Hedging event risk (elections, economic data releases)
- Price discovery on political and cultural outcomes
- Sports and entertainment event trading
- Research and forecasting via market-implied probabilities
Key facts
- Series E (Nov 2025): $1B led by Paradigm
- Series D (Oct 2025): $300M+ at $5B co-led by Sequoia and a16z — TechCrunch
- First CFTC-regulated US prediction market exchange
Funding history (newest first)
Series E
2025-11 $1B- Paradigm (lead)
- Sequoia Capital (participant)
- Andreessen Horowitz (participant)
Series D
2025-10 $300M+ Valuation: $5BInvestors in our directory
Funds linked from Kalshi's profile — open a fund page for stage focus and related deal articles.
Competitive landscape
Edge: CFTC Designated Contract Market license — structural regulatory moat vs. offshore prediction markets in the US.
Prediction markets gained mainstream attention around 2024–2025 elections. Kalshi's CFTC license is a durable US advantage, but regulatory interpretation could shift. $1B+ raised in two months signals investor belief in event contracts as a new asset class.
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Polymarket direct
Crypto-based prediction market; regulatory status differs in US.
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PredictIt adjacent
Academic/research prediction market with caps.
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DraftKings/FanDuel adjacent
Sports betting platforms; different regulatory framework.
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CME event contracts incumbent
Regulated derivatives exchange with limited event products.
Notable stories
- Kalshi raised $1B Series E in November 2025 just weeks after a $300M+ Series D — among the fastest mega-round sequences in fintech.
- Founders Tarek Mansour and Luana Lopes Lara met at MIT and spent years obtaining CFTC approval before launching regulated event trading.
Industries
Related funding articles
Venture Capital Tracker pieces that cover Kalshi's financing or category context.
FAQs about Kalshi
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