Kalshi

Series C+Raised Since Featured

Trade on real-world events

The first federally regulated prediction market exchange for trading event contracts on real-world outcomes.

Founded January 2018New York, NY~100 people$1.6B raisedFeatured at Series A

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FintechPrediction MarketsTradingEvent ContractsRegulated ExchangeCftc

About

Kalshi is the first and only CFTC-regulated exchange that allows individuals to trade on the outcomes of real-world events. Founded in 2018 by MIT classmates Tarek Mansour and Luana Lopes Lara — both former quantitative traders — the platform lets users buy and sell event contracts across categories including politics, economics, weather, and culture. Kalshi secured its landmark CFTC designation as a Designated Contract Market (DCM) in 2020, launching publicly in July 2021. The company exploded in popularity during the 2024 US presidential election, and by late 2025 had raised $1.6B in total funding at an $11B valuation. Weekly trading volume now exceeds $1B, making Kalshi one of the fastest-growing fintech platforms in the US. The company went through Y Combinator's Winter 2019 batch.

DailyDropout Take

Kalshi was a standout pick — two MIT quant traders from Algeria and Brazil building the first federally regulated prediction market in the US. When we featured them at Series A, the idea of ordinary Americans trading on real-world events felt novel. Three years later, Kalshi hit an $11B valuation and became a cultural phenomenon during the 2024 election, proving that regulated prediction markets are here to stay.

Discovery signal: CFTC-regulated moat in an emerging market, YC-backed with elite quant founder backgrounds, early-mover advantage in US-legal prediction markets.

What Makes Them Unique

Kalshi is the only CFTC-regulated prediction market exchange in the US, giving it a unique legal moat. While competitors like Polymarket operate offshore or in regulatory gray areas, Kalshi offers a fully compliant venue for Americans to trade event contracts with real money.

$11B

Valuation

$1.6B

Total Raised

$1B+

Weekly Trading Volume

~100

Team Size

Target Markets

Retail TradersInstitutional InvestorsPolitical EnthusiastsSports FansWeather Hedging

Founders

Tarek Mansour

Co-Founder & CEO

Algerian-born MIT graduate. Previously a quantitative trader at Goldman Sachs (structured credit and equities) and Citadel (global macro). Co-founded Kalshi after meeting Luana at MIT.

Luana Lopes Lara

Co-Founder & COO

Brazilian-born MIT MEng in Computer Science. Former professional ballerina. Previously a quantitative trader at Citadel Securities and Five Rings Capital, and researcher at MIT's Brain and Cognitive Sciences Center. World's youngest self-made female billionaire (2025).

Kalshi is hiring!

Team size: ~100

View Open Roles

Funding History

SeedUndisclosed

Jan 1, 2019

Lead: Y Combinator

Y Combinator

Series A$30M

Feb 1, 2021

Lead: Sequoia Capital

Sequoia CapitalCharles SchwabHenry KravisSV Angel

Series B$30M

Jan 1, 2023

Lead: Sequoia Capital

Sequoia Capital

Series C$185M

Jun 1, 2025

Valuation: $2B

Lead: Paradigm

ParadigmMulticoin CapitalBond Capital

Series D$300M

Oct 1, 2025

Valuation: $5B

Lead: Andreessen Horowitz & Sequoia Capital

Andreessen HorowitzSequoia CapitalParadigmCoinbase VenturesGeneral CatalystSpark CapitalCapitalG

Series E$1B

Nov 1, 2025

Valuation: $11B

Lead: Paradigm

ParadigmSequoia CapitalAndreessen HorowitzMeritech Capital PartnersIVPARK InvestAnthos CapitalCapitalGY Combinator

Investors

Firms

Paradigm(Lead — Series E)Sequoia Capital(Lead — Series A)Andreessen Horowitz(Lead — Series D)Y Combinator(Lead — Seed)Meritech Capital PartnersIVPARK InvestCoinbase VenturesGeneral CatalystSpark CapitalCapitalGAnthos CapitalBond CapitalMulticoin CapitalSV Angel