Kalshi Private Investment Profile
Valuation history, key backers, and how accredited investors access Kalshi pre-IPO.
Kalshi is the $22B CFTC-regulated prediction market exchange with $1.5B in annualized revenue — the largest regulated event-trading platform in the US.
Founded
2018
New York, NY
Last Private Valuation
$22B
Mar 2026 (Coatue)
Sector
Prediction Markets
CFTC-regulated exchange
Key Backers
Coatue, Paradigm
Sequoia, a16z, ARK Invest
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Kalshi: Valuation Trajectory
Secondary-market and institutional-round valuations over time. All figures are approximate and sourced from public reporting.
Kalshi: Latest Developments
Last updated: 2026-04-15
Kalshi raises $1B+ at $22B valuation, doubling in three months
Led by Coatue, with participation from existing investors Sequoia, a16z, Paradigm, IVP, and ARK Invest.
Series E: $1B at $11B valuation, led by Paradigm
With Sequoia, a16z, Meritech, IVP, ARK Invest, CapitalG, and Y Combinator participating.
Revenue reaches $1.5B annualized
Driven by election markets, sports contracts, and macro-event trading. Kalshi is now the largest regulated prediction market by revenue.
The
Private
Market
Case
A deep look at what makes Kalshi one of the most studied private investments.
Kalshi: From CFTC Application to $22B in Seven Years
Kalshi was founded in 2018 by Tarek Mansour and Luana Lopes Lara, both MIT graduates. The company took the unusual route of seeking full CFTC regulation before launching — a multi-year process that most crypto-native competitors skipped. The CFTC approved Kalshi as a designated contract market (DCM) in 2020, making it the first new regulated exchange for event contracts in decades.
The valuation arc: $100M in 2021, $1B by late 2024, $11B in December 2025 (Series E, $1B led by Paradigm), and $22B in March 2026 (another $1B led by Coatue) — doubling in three months. Revenue reached $1.5B annualized, driven by election markets, sports, and macro-event contracts.
Key Risks
Prediction markets are cyclical — election years drive massive volume; off-years can see 50%+ drops. Competition from Polymarket ($9B+, targeting $20B), which has higher brand awareness among crypto-native users. The CFTC regulatory framework could evolve unfavorably. The $22B valuation at ~15x annualized revenue assumes sustained high growth in a market category that's still proving itself.
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The
Investment
Story
Tarek Mansour and Luana Lopes Lara found Kalshi (both MIT graduates).
CFTC approves Kalshi as a designated contract market — first new regulated exchange for event contracts in decades.
Series E: $1B led by Paradigm at $11B valuation. Revenue crosses $1B run rate.
Raises another $1B+ led by Coatue at $22B valuation — doubled in three months. ARR reaches $1.5B.
What Makes Kalshi Special
The structural advantages that matter for private investors.
Only CFTC-Regulated Prediction Exchange
Full designated contract market (DCM) status from the CFTC — the only prediction market exchange with this level of US regulatory clearance. Competitors operate in legal gray zones.
$1.5B Annualized Revenue
Revenue at scale in a category that didn't exist three years ago. The combination of elections, sports, and macro-event markets creates a diversified volume base.
Doubled Valuation in 3 Months
$11B (December 2025) to $22B (March 2026). The speed reflects both Kalshi's revenue trajectory and the broader bet that prediction markets are a new permanent asset class.
Frequently
Asked
Questions
Common questions about investing in Kalshi through private markets.
Can you invest in Kalshi?
What is Kalshi's valuation?
Who are Kalshi's investors?
How is Kalshi different from Polymarket?
Is Kalshi legal in the US?
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Sources & last fact-check (2026-04-15)
- valuation: https://www.bloomberg.com/news/articles/2026-03-19/kalshi-gets-1-billion-in-new-funding-at-22-billion-valuation (retrieved 2026-04-15)
- valuation: https://www.coindesk.com/business/2026/03/20/kalshi-valuation-doubles-to-usd22-billion-in-latest-funding-round-bloomberg (retrieved 2026-04-15)
- latestDevelopments: https://news.kalshi.com/p/kalshi-11-billion-valuation-series-e (retrieved 2026-04-15)
- latestDevelopments: https://sacra.com/c/kalshi/ (retrieved 2026-04-15)