Diligence memo · auto-generated · as of July 2, 2026
Kalshi Inc.
Kalshi Inc. looks over-valued against its niche peers and is active on financing cadence.
Businessfiled
Kalshi Inc. operates in Other Technology, based in NEW YORK, NY, USA. 1st federally regulated exchange where people can trade on events
Sub-sector tags: Trading.
Capital & rounds (filed)filed
Kalshi Inc. has raised $1.3B in disclosed capital across 6 recorded rounds, aggregated from public filings. Its latest round is modeled as Growth/Late (a round over $400M).
Largest single filing: $821M on 2025-11-19.
Most recent recorded round closed around 2025-11-19.
Valuation (modeled)modeled
Provath models Kalshi Inc. at approximately $8.3B (range $6.3B–$9.4B). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.
Read: 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.
Financing rhythm & timingmixed
Historic cadence: a new round about every 14 months.
Last raise 7 mo ago; this sector typically re-raises about every 13 months.
Raising on or ahead of the sector's normal rhythm.
The last round stepped up 2.8× from the prior — scaling.
Comparablesmixed
Capital scale ranks ahead of 100% of Other Technology peers (21302 compared).
Modeled value ranks above 100% of those peers.
Closest niche peers: EssentaTor Inc., nFusz, Inc., Rarestep, Inc., MatX Inc., Fluidstack Ltd.
Peoplefiled
5 named people on file across officers, directors and signatories.
Risks & flagsmixed
Modeled above niche peers — valuation risk on entry.
No clearly named CEO/founder/principal in the surfaced records — key-person evidence is thin.