What is Kalshi?
CFTC-regulated prediction market and event-contract exchange.
- Category
- Prediction markets
- Headquarters
- New York, NY
- Founded
- 2018
- Employees
- ~200+
- Total funding
- $1B+ reported
- Valuation
- ~$22B reported (2026)
What is Kalshi?
Kalshi is a U.S. event-contract exchange where users trade regulated prediction markets on economic, political, sports, weather, and cultural outcomes.
Kalshi is structured as a federally regulated derivatives exchange, not a crypto betting site. Users trade yes/no event contracts whose prices imply market probabilities, and the company operates under CFTC oversight while arguing that event contracts are financial products.
The company became much more visible after court wins allowed election contracts to return in 2024 and after 2025 partnerships with Robinhood, CNN, and CNBC brought prediction-market odds into mainstream finance and media workflows. By 2026, Kalshi was one of the most valuable private fintech-market-structure companies, while also facing state-level challenges over whether some contracts resemble gambling.
Sources:KalshiKalshi Wikipedia
What does Kalshi offer?
Kalshi offers event contracts, probability markets, trading APIs, clearing, partner distribution, and market data.
- Event contracts· Trading
- Election markets· Politics
- Economic indicators· Macro
- Sports event contracts· Sports
- Weather markets· Risk
- Trading API· Developer
- Market data· Data
Sources:Kalshi marketsKalshi docs
How does Kalshi make money?
Kalshi makes money from transaction fees on event contracts, institutional and partner distribution, and market-data or API opportunities.
Kalshi publishes a transaction-fee model rather than a subscription price. Fees are tied to contract price, quantity, and expected payout, and some partner or promotional markets can have different economics; deposits and withdrawals may have separate third-party costs depending on method.
Growth is driven by trading volume, number of active markets, market-maker liquidity, institutional adoption, and distribution through partners such as brokerage and media platforms. Regulatory outcomes are a major business driver because product breadth depends on which event categories Kalshi can list and defend.
Sources:Kalshi feesKalshi docs
Who leads Kalshi?
Kalshi is led by co-founder and CEO Tarek Mansour, with co-founder Luana Lopes Lara and executives across exchange operations, regulation, risk, and product.
- Tarek MansourCo-founder and CEOCo-founder - since 2018Leads Kalshi's exchange strategy and public regulatory posture.
- Luana Lopes LaraCo-founderCo-founder - since 2018Co-founded Kalshi after MIT and helped build its regulated-market foundation.
- Sara SlaneHead of Corporate DevelopmentExecutive leadershipSports-betting and gaming policy operator relevant to partnerships and regulation.
- Will JenningsHead of Public AffairsExecutive leadershipImportant for policy, state-level challenges, and communications.
How do you contact Kalshi's leadership?
Kalshi publishes support and business channels; verified personal executive emails are not public. Executive addresses below are format-following only.
first.last@kalshi.com (format-following; verify before use)Sources:Kalshi supportKalshi contact
How much funding has Kalshi raised?
Kalshi has raised more than $1 billion in disclosed and reported financing, with a reported $22 billion valuation after a 2026 TCV-led round.
Kalshi's early financing included seed and Series A capital after its 2018 founding, a $30 million Series A in 2021 led by Sequoia, a $30 million Series B in 2022, and a $185 million Series C in 2025 that reportedly valued the company around $2 billion. Late 2025 reporting put Kalshi near an $11 billion valuation after large new financing.
By March 2026, Bloomberg-linked reports said Kalshi raised roughly $1 billion in a TCV-led round at about a $22 billion valuation, doubling its late-2025 valuation. The valuation jump reflected surging prediction-market volume, Robinhood distribution, and broader investor interest in regulated event contracts.
How did Kalshi get here?
Kalshi moved from regulated startup exchange to mainstream prediction-market infrastructure.
- 2018FoundedTarek Mansour and Luana Lopes Lara founded Kalshi.
- 2020CFTC designationKalshi received approval to operate as a designated contract market.
- 2021Series ARaised $30M led by Sequoia.
- 2024Election contracts returnCourt rulings allowed Kalshi to relaunch U.S. election markets.
- 2025Distribution dealsPartnered with Robinhood and major media outlets for event-contract access and odds.
- 2026$22B reported valuationReported TCV-led financing valued the company around $22B.
Who are Kalshi's competitors?
Kalshi competes with prediction markets, broker event-contract products, exchanges, and sports-betting operators at the edges.
- PolymarketCrypto-native prediction market with global liquidity and a different regulatory posture.
- PredictItAcademic-linked political prediction market with narrower contract limits.
- RobinhoodBrokerage distributing event contracts and competing for retail trading attention.
- Interactive Brokers ForecastTraderBroker-backed event-contract product for market-oriented traders.
- DraftKingsSportsbook competitor where event contracts overlap with sports wagering demand.
Sources:KalshiPolymarket
Kalshi — frequently asked questions
