Companies · Other Technology

Kalshi Inc.Winter 2019Active

NEW YORK · NY, USA · Other Technology · founded 2018 · https://www.kalshi.com

Diligence memoA one-page analyst read on Kalshi Inc. — recommendation, valuation, rhythm, risks.
$1.3B
Total raised · real
6
Rounds
2.8×
Latest step-up
Top 1%
Sector rank · raised
Growth/Late
Latest stage · inferred · Wed Nov 19 2025 00:00:00 GMT+0000 (Coordinated Universal Time)

Kalshi 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. Valuation uses the technology sector profile.

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 1.64× the median modeled value of Growth/Late Other Technology companies in 2025–2027 (9 peers) — value vs value, same stage and era.
Active
  • Last raise 7 mo ago; this sector typically re-raises about every 13 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 Technology

Kalshi Inc. is one of 21292 Other Technology companies tracked from NEW YORK, NY, USA, on record since 2018. 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

1st federally regulated exchange where people can trade on events

Kalshi (www.kalshi.com) is the first federally regulated exchange where you can trade on the outcome of events. We built Kalshi because we believe that people should be able to capitalize on what they know and have opinions on. We make this possible by expanding what people can trade on and allowing them trade in the domain of everyday knowledge. Kalshi is developing a new asset class, “event contracts,” and a financial exchange for trading on the outcome of events: we are federally regulated by the CFTC as the first-ever legal futures exchange in the U.S. for trading on a broad category of events.

Trading
Find Kalshi Inc. online

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
31
Investors (latest)
2025-11-19
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$2.5B$5.0B$7.5B$10.0BSeries A · 2020-03-04 Raised $6.1M (real) Modeled valuation $169M (est)$6.1M$169MSeries A2020Series B · 2020-12-18 Raised $30M (real) Modeled valuation $775M (est)$30M$775MSeries B2020Series C · 2021-11-03 Raised $70M (real) Modeled valuation $1.5B (est)$70M$1.5BSeries C2021Series D+ · 2025-06-24 Raised $125M (real) Modeled valuation $1.1B (est)$125M$1.1BSeries D+2025Series D+ · 2025-10-08 Raised $295M (real) Modeled valuation $2.5B (est)$295M$2.5BSeries D+2025Growth/Late · 2025-11-19 Raised $821M (real) Modeled valuation $8.3B (est)$821M$8.3BGrowth/Late2025+$30M+$70M+$125M+$295M+$821MCumulative $1.3B

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$6.1M · 2020
Series B$30.0M · 2020
Series C$70.0M · 2021
Series D+$125.0M · 2025
Series D+ extension$294.5M · 2025
Growth/Late$820.8M · 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: 71%.

Modeled valuation trajectory
$8.3B
Base estimate est.
$6.3B
Conservative case
$9.4B
Upside case
$8.2B
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Growth/Latea round over $400M). Valuation is modeled from stage benchmarks scaled by the technology sector profile. Directional, not a quoted figure.

Series A · modeled $169.1M · 2020-03-042020Series B · modeled $775.5M · 2020-12-18Series C · modeled $1.5B · 2021-11-03Series D+ · modeled $1.1B · 2025-06-24Series D+ · modeled $2.5B · 2025-10-08Growth/Late · modeled $8.3B · 2025-11-192025
Model inputs · modeled:benchmark-stage-stepup-v1
10%
Dilution assumption
Implied ownership sold in the financing.
88%
Survival probability
76% low · 95% high
1.24×/yr
Annual markup
1.35×/yr upside case
0.6 yr
Elapsed time used
0.6 yr actual, capped for stale marks
technology
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
14 mo
Avg between rounds
$235.8M/yr
Capital velocity
6.3 yr
On record since
2020
First round
6
Rounds on file
How it compares to the market

Benchmarked against 21292 companies in Other Technology. 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) 424× above median
This company$1.3B
Sector median$3.2M
Latest round — vs other Growth/Late rounds in sector (real $, this stage) 1.6× above median
This company$820.8M
Sector median$500.0M
Modeled value — vs sector median (estimate, all stages) 222× above median
This company$8.3B
Sector median$37.3M

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

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Growth/Late) 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 #2 of 9.

This companyCohort peer
$10.0M$100.0M$1.0B$10.0B$100.0B$100.0M$1.0B$10.0BCapital raised (log)EssentaTor Inc. · Growth/Late Raised $1.5B · modeled $14.9B (est)nFusz, Inc. · Growth/Late Raised $600.2M · modeled $6.0B (est)Rarestep, Inc. · Growth/Late Raised $623.3M · modeled $5.3B (est)MatX Inc. · Growth/Late Raised $647.8M · modeled $5.0B (est)Fluidstack Ltd · Growth/Late Raised $450.0M · modeled $4.4B (est)Ramp Business Corp · Growth/Late Raised $2.2B · modeled $3.1B (est)TransparentBusiness, Inc. · Growth/Late Raised $528.8M · modeled $116.6M (est)Asset Entities Inc. · Growth/Late Raised $760.1M · modeled $85.5M (est)Kalshi Inc. (this company) Raised $1.3B · modeled $8.3B (est)Kalshi Inc.
CompanyStageRaised · realValue · estvs peer med.
EssentaTor Inc.Growth/Late$1.5B$14.9B2.95×
Kalshi Inc. this companyGrowth/Late$1.3B$8.3B1.64×
nFusz, Inc.Growth/Late$600.2M$6.0B1.19×
Rarestep, Inc.Growth/Late$623.3M$5.3B1.05×
MatX Inc.Growth/Late$647.8M$5.0B1.00×
Fluidstack LtdGrowth/Late$450.0M$4.4B0.87×
Ramp Business CorpGrowth/Late$2.2B$3.1B0.62×
TransparentBusiness, Inc.Growth/Late$528.8M$116.6M0.02×
Asset Entities Inc.Growth/Late$760.1M$85.5M0.02×
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$6.1M2020-03-04$27.7M$169.1M90%
Series B$30.0M2020-12-18$166.7M$775.5M90%
Series C$70.0M2021-11-03$466.7M$1.5B90%
Series D+$125.0M2025-06-24$1.0B$1.1B90%
Series D+$294.5M2025-10-08$2.5B$2.5B90%
Growth/Late$820.8M2025-11-19$8.2B$8.3B90%
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$6.1M2020-03-04
    • First recorded raise — entered as Series A.
    • 28 investors on this round.
  2. Series B$30.0M2020-12-18
    • Raised 9 mo later, in step with the ~13 mo sector norm.
    • Round 4.9× larger than the prior — scaling up.
    • 10 investors on this round.
  3. Series C$70.0M2021-11-03
    • Raised 11 mo later, in step with the ~13 mo sector norm.
    • Round 2.3× larger than the prior — scaling up.
    • 14 investors on this round.
  4. Series D+$125.0M2025-06-24
    • Raised again after 44 mo — slower than the ~13 mo sector norm.
    • Round 1.8× larger than the prior — scaling up.
    • 14 investors on this round.
  5. Series D+$294.5M2025-10-08
    • Came back fast: 3 mo vs the ~13 mo sector norm.
    • Round 2.4× larger than the prior — scaling up.
    • 20 investors on this round.
  6. Growth/Late$820.8M2025-11-19
    • Came back fast: 1 mo vs the ~13 mo sector norm.
    • Round 2.8× larger than the prior — scaling up.
    • 31 investors on this round.
Intelligence
2027 ~Q1
Modeled next raise · ~14mo cadence
$2.3B
Modeled next size est.range $1.5B$3.7B
2.8×
Last step-up
$235.8M/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
Alfred Lin9 other2020-12
Matt Huang6 other2021-11
Luana Lopes Lara2020-03
Michael Seibel2021-11
Tarek Mansour2020-03
Registry & provenance

Kalshi 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
1806928
SEC CIK
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Frequently asked
How much funding has Kalshi Inc. raised?
Kalshi Inc. has raised approximately $1.3B in disclosed capital across 6 recorded financing rounds, aggregated from public filings.
What is Kalshi Inc.'s estimated valuation?
Provath's modeled valuation for Kalshi Inc. is approximately $8.3B (modeled range $6.3B–$9.4B). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Kalshi Inc. at?
Kalshi Inc.'s latest modeled financing stage is Growth/Late. Its most recent recorded round closed around Wed Nov 19.
What does Kalshi Inc. do and where is it based?
Kalshi Inc. operates in the Other Technology sector, based in NEW YORK, NY, USA. 1st federally regulated exchange where people can trade on events
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