Kalshi
New York-based prediction market exchange, approved by the CFTC as a designated contract market in 2020. It announced a USD 1 billion round at a USD 22 billion valuation in May 2026.
Industry: Prediction market exchange | Location: New York, United States | Founded: 2018 | Total Funding: USD 2.6B
About Kalshi
Kalshi is a New York-based prediction market exchange where users trade contracts on the outcomes of future events. The US Commodity Futures Trading Commission approved it as a designated contract market in November 2020. Its contracts cover topics such as economics, politics, climate and sports.
Tarek Mansour and Luana Lopes Lara founded Kalshi in 2018, and it joined Y Combinator's winter 2019 batch. Mansour is chief executive. Lopes Lara is co-founder and chief operating officer, and TechScoop reported in July 2026 that she handles day-to-day operations. Alfred Lin of Sequoia Capital sits on its board. Kalshi launched its platform to the public in July 2021.
The platform offers yes or no event contracts through quick and limit orders, contracts that expire the same day, and a public API, according to a December 2023 profile by Contrary Research. In 2025 it added digital asset deposits through Zero Hash. By October 2025 Kalshi was available in more than 140 countries, and in May 2026 it said it would build block trading and risk products for hedge funds, asset managers, trading firms and insurers.
Kalshi raised a USD 30 million Series A led by Sequoia Capital in February 2021, with Charles Schwab, Henry Kravis, SV Angel, Neo and YC Continuity taking part. A USD 185 million Series C led by Paradigm at a USD 2 billion valuation followed in June 2025. In October 2025 it raised more than USD 300 million at USD 5 billion in a Series D led by Sequoia and Andreessen Horowitz. A USD 1 billion Series E at USD 11 billion, led by Paradigm, was announced on 2 December 2025.
On 7 May 2026 Kalshi announced a USD 1 billion Series F at a USD 22 billion valuation, led by Coatue with Sequoia, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley and ARK Invest. The Block reported that institutional trading volume rose 800 percent over six months and annualised trading volume rose from USD 52 billion to USD 178 billion. TechScoop reported annualised revenue above USD 1.5 billion.
Leadership
- Tarek Mansour, Co-founder and Chief Executive Officer
- Luana Lopes Lara, Co-founder and Chief Operating Officer
- Tarek Mansour, Co-founder and CEO
- Alfred Lin, Board member (Sequoia Capital partner)