Companies · Other

DraftKings Inc.

BOSTON · Other · https://en-draftkings.com/

Diligence memoA one-page analyst read on DraftKings Inc. — recommendation, valuation, rhythm, risks.
$1.1B
Total raised · real
10
Rounds
1.5×
Latest step-up
Top 1%
Sector rank · raised
Series D+
Latest stage · inferred · Tue Oct 21 2025 00:00:00 GMT+0000 (Coordinated Universal Time)

DraftKings Inc. looks over-valued against its niche peers and is active on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Over-valued
  • Modeled value is 1.89× the median modeled value of Series D+ Other companies in 2025–2027 (50 peers) — value vs value, same stage and era.
Active
  • Last raise 8 mo ago; this sector typically re-raises about every 11 months.
  • Raising on or ahead of the sector's normal rhythm.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Other

DraftKings Inc. is one of 25008 Other companies tracked from BOSTON. By capital raised it ranks among the largest (ahead of 100% of sector peers), and among the largest by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

AI analyst read est. — model-extracted from this company's public description, not a verified fact. 30%

operates a technology-led product inferred from public copy

Grounded in: “You are a venture analyst

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Find DraftKings online

Trades publicly as DraftKings.

As reported in public records reported — not modeled.

US
Jurisdiction
$100M+
Issuer revenue
Rule 506(b)
Reg D exemption
86
Investors (latest)
2022
Year incorporated
2025-10-21
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$1.3B$2.5B$3.8B$5.0BSeries A · 2013-04-23 Raised $9.8M (real) Modeled valuation $148M (est)Series A2013Series A · 2013-04-23 Raised $6.8M (real) Modeled valuation $102M (est)Series A2013Series B · 2013-11-18 Raised $24M (real) Modeled valuation $395M (est)Series B2013Series C · 2014-08-11 Raised $41M (real) Modeled valuation $703M (est)Series C2014Series D+ · 2015-12-23 Raised $154M (real) Modeled valuation $2.7B (est)Series D+2015Series D+ · 2016-02-11 Raised $400K (real) Modeled valuation $6.9M (est)Series D+2016Series D+ · 2017-03-01 Raised $119M (real) Modeled valuation $2.0B (est)Series D+2017Series D+ · 2019-12-16 Raised $75M (real) Modeled valuation $1.3B (est)Series D+2019Series D+ · 2024-05-22 Raised $324M (real) Modeled valuation $3.1B (est)Series D+2024Series D+ · 2024-12-03 Raised $155M (real) Modeled valuation $1.4B (est)Series D+2024Series D+ · 2025-10-21 Raised $229M (real) Modeled valuation $1.8B (est)Series D+2025Cumulative $1.1B

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Series A$9.8M · 2013
Series A extension$6.8M · 2013
Series B$23.8M · 2013
Series C$41.0M · 2014
Series D+$153.8M · 2015
Series D+ extension$400K · 2016
Series D+ extension$118.7M · 2017
Series D+ extension$74.6M · 2019
Series D+ extension$324.0M · 2024
Series D+ extension$155.0M · 2024
Series D+ extension$228.7M · 2025

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Seed — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 67%.

Modeled valuation trajectory
$1.8B
Base estimate est.
$1.3B
Conservative case
$2.1B
Upside case
$1.9B
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series D+a $100M–$400M round). Valuation is modeled from stage benchmarks. Directional, not a quoted figure.

Series A · modeled $147.8M · 2013-04-232013Series A · modeled $102.2M · 2013-04-23Series B · modeled $395.1M · 2013-11-18Series C · modeled $703.3M · 2014-08-11Series D+ · modeled $2.7B · 2015-12-23Series D+ · modeled $6.9M · 2016-02-11Series D+ · modeled $2.0B · 2017-03-01Series D+ · modeled $1.3B · 2019-12-16Series D+ · modeled $3.1B · 2024-05-22Series D+ · modeled $1.4B · 2024-12-03Series D+ · modeled $1.8B · 2025-10-212025
Model inputs · modeled:benchmark-stage-stepup-v1
12%
Dilution assumption
Implied ownership sold in the financing.
85%
Survival probability
68% low · 94% high
1.16×/yr
Annual markup
1.30×/yr upside case
0.7 yr
Elapsed time used
0.7 yr actual, capped for stale marks
general
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
15 mo
Avg between rounds
$90.4M/yr
Capital velocity
13.2 yr
On record since
2013
First round
11
Rounds on file
How it compares to the market

Benchmarked against 25008 companies in Other. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 552× above median
This company$1.1B
Sector median$2.0M
Latest round — vs other Series D+ rounds in sector (real $, this stage) 1.8× above median
This company$228.7M
Sector median$125.1M
Modeled value — vs sector median (estimate, all stages) 102× above median
This company$1.8B
Sector median$17.7M

Raised more than 100% of sector peers (real $). Modeled value above 98% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series D+) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful. This company ranks #11 of 50.

This companyCohort peer
$1.0B$10.0B$100.0M$1.0B$10.0BCapital raised (log)AP Adhesives Acquisitions, Inc. · Series D+ Raised $369.6M · modeled $3.1B (est)INNOVATE Corp. · Series D+ Raised $411.5M · modeled $2.9B (est)Curaleaf Holdings, Inc. · Series D+ Raised $691.1M · modeled $2.6B (est)Phantom Parent, LP · Series D+ Raised $585.5M · modeled $2.5B (est)Impulse Space, Inc. · Series D+ Raised $353.3M · modeled $2.5B (est)Brera Holdings PLC · Series D+ Raised $303.3M · modeled $2.4B (est)Skims Body, Inc. · Series D+ Raised $623.6M · modeled $2.0B (est)Econic Professionals US LLC · Series D+ Raised $217.8M · modeled $1.9B (est)Capital Rx, Inc. · Series D+ Raised $499.6M · modeled $1.9B (est)Casago Holdings, LLC · Series D+ Raised $220.1M · modeled $1.9B (est)Koch, Inc. · Series D+ Raised $408.4M · modeled $1.7B (est)DraftKings Inc. (this company) Raised $1.1B · modeled $1.8B (est)DraftKings Inc.
CompanyStageRaised · realValue · estvs peer med.
AP Adhesives Acquisitions, Inc.Series D+$369.6M$3.1B3.30×
INNOVATE Corp.Series D+$411.5M$2.9B3.08×
Curaleaf Holdings, Inc.Series D+$691.1M$2.6B2.72×
Phantom Parent, LPSeries D+$585.5M$2.5B2.68×
Impulse Space, Inc.Series D+$353.3M$2.5B2.60×
Brera Holdings PLCSeries D+$303.3M$2.4B2.51×
Skims Body, Inc.Series D+$623.6M$2.0B2.15×
Econic Professionals US LLCSeries D+$217.8M$1.9B1.97×
Capital Rx, Inc.Series D+$499.6M$1.9B1.96×
Casago Holdings, LLCSeries D+$220.1M$1.9B1.95×
DraftKings Inc. this companySeries D+$1.1B$1.8B1.89×
Koch, Inc.Series D+$408.4M$1.7B1.76×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Series A$9.8M2013-04-23$44.4M$147.8M85%
Series A$6.8M2013-04-23$30.7M$102.2M85%
Series B$23.8M2013-11-18$132.1M$395.1M85%
Series C$41.0M2014-08-11$273.5M$703.3M85%
Series D+$153.8M2015-12-23$1.3B$2.7B85%
Series D+$400K2016-02-11$3.3M$6.9M85%
Series D+$118.7M2017-03-01$988.8M$2.0B90%
Series D+$74.6M2019-12-16$621.9M$1.3B90%
Series D+$324.0M2024-05-22$2.7B$3.1B90%
Series D+$155.0M2024-12-03$1.3B$1.4B90%
Series D+$228.7M2025-10-21$1.9B$1.8B90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Series A$9.8M2013-04-23
    • First recorded raise — entered as Series A.
    • 33 investors on this round.
  2. Series A$6.8M2013-04-23
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 1.4× smaller than the prior — bridge or down round.
    • 18 investors on this round.
  3. Series B$23.8M2013-11-18
    • Raised 7 mo later, in step with the ~11 mo sector norm.
    • Round 3.5× larger than the prior — scaling up.
    • Switched to Rule 506(b) (was Rule 06).
    • 21 investors on this round.
  4. Series C$41.0M2014-08-11
    • Raised 9 mo later, in step with the ~11 mo sector norm.
    • Round 1.7× larger than the prior — scaling up.
    • 8 investors on this round.
  5. Series D+$153.8M2015-12-23
    • Raised 16 mo later, in step with the ~11 mo sector norm.
    • Round 3.7× larger than the prior — scaling up.
    • 79 investors on this round.
  6. Series D+$400K2016-02-11
    • Came back fast: 2 mo vs the ~11 mo sector norm.
    • Round 384.4× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  7. Series D+$118.7M2017-03-01
    • Raised 13 mo later, in step with the ~11 mo sector norm.
    • Round 296.6× larger than the prior — scaling up.
    • 20 investors on this round.
  8. Series D+$74.6M2019-12-16
    • Raised again after 34 mo — slower than the ~11 mo sector norm.
    • Round 1.6× smaller than the prior — bridge or down round.
    • Switched to Rule 506(c) (was Rule 506(b)).
    • 11 investors on this round.
  9. Series D+$324.0M2024-05-22
    • Raised again after 53 mo — slower than the ~11 mo sector norm.
    • Round 4.3× larger than the prior — scaling up.
    • Switched to Rule 506(b) (was Rule 506(c)).
    • 161 investors on this round.
  10. Series D+$155.0M2024-12-03
    • Came back fast: 6 mo vs the ~11 mo sector norm.
    • Round 2.1× smaller than the prior — bridge or down round.
    • 226 investors on this round.
  11. Series D+$228.7M2025-10-21
    • Raised 11 mo later, in step with the ~11 mo sector norm.
    • Round 1.5× larger than the prior — scaling up.
    • 86 investors on this round.
Intelligence
2027 ~Q1
Modeled next raise · ~15mo cadence
$337.4M
Modeled next size est.range $228.7M$539.9M
1.5×
Last step-up
$90.4M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
Ryan Moore17 other2013-11
Hany Nada7 other2013-11
Steve Murray6 other2019-12
Richard Rosenblatt4 other2019-12
R. Thomas Dyal3 other2013-11
Ryan R Moore3 other2024-05
Steven J. Murray3 other2024-05
John Salter2 other2019-12
Woodrow H. Levin2 other2024-05
Harry Evans Sloan1 other2024-05
Jason Park1 other2019-12
Marni M Walden1 other2024-05
Woodrow Levin1 other2013-11
Alan Wayne Ellingson2024-05
Erik M Bradbury2024-12
Faisal Thomas Hasan2017-03
Gregory W Wendt2025-10
Hany Thomas Nada2014-08
Janet Thomas Holian2015-12
Jason D Robins2024-05
Jason Robins2013-04
Jocelyn H Moore2024-05
John Thomas Salter2014-08
Marni Walden2019-12
Registry & provenance

DraftKings Inc. is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1575033
SEC CIK
2022
Incorporated
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Frequently asked
How much funding has DraftKings Inc. raised?
DraftKings Inc. has raised approximately $1.1B in disclosed capital across 10 recorded financing rounds, aggregated from public filings.
What is DraftKings Inc.'s estimated valuation?
Provath's modeled valuation for DraftKings Inc. is approximately $1.8B (modeled range $1.3B–$2.1B). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is DraftKings Inc. at?
DraftKings Inc.'s latest modeled financing stage is Series D+. Its most recent recorded round closed around Tue Oct 21.
What does DraftKings Inc. do and where is it based?
DraftKings Inc. operates in the Other sector, based in BOSTON. Join DraftKings today, the premier US destination for DraftKings Sportsbook, DraftKings Casino, and Daily Fantasy Sports.
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