Kalshi at a glance
Question | Answer | As of |
|---|---|---|
Who owns Kalshi? | Its founders, who own about 12% each, plus employees and venture investors; no public shares | May 2026 |
Valuation | $40B, set by a $1B Series G co-led by Sequoia and Wellington | Oct 29, 2026 |
Total raised | About $3.6B in equity across eight rounds | Oct 2026 |
Revenue | About $4B annualized, per press reports (not a company figure) | Oct 2026 |
Trading volume | $178B annualized, up from $52B six months earlier | May 7, 2026 |
Users | “Tens of millions”, per CEO Tarek Mansour | Oct 30, 2026 |
CEO | Tarek Mansour, co-founder; Luana Lopes Lara is co-founder and COO | Nov 2026 |
Founded | 2018 by Tarek Mansour and Luana Lopes Lara; Y Combinator, Winter 2019 | 2018 |
Regulator | KalshiEX LLC has been a CFTC-designated contract market since November 2020 | Nov 2020 |
Headquarters | 416 West 13th Street, New York | Aug 2026 |
Legal fights | A split among federal appeals courts over its sports contracts; a New York lawsuit; criminal charges in Utah | Oct 2026 |
Email format | {f}{last}@kalshi.com (99% of known addresses) | Nov 2026 |
Kalshi Inc. is the Delaware company that raises money from investors (SEC). Its exchange, KalshiEX LLC, was designated a contract market by the Commodity Futures Trading Commission on November 4, 2020 (CFTC).
Who owns Kalshi?
Kalshi is private. Its co-founders, Tarek Mansour and Luana Lopes Lara, each own roughly 12% of the company, Forbes estimates (Forbes); the rest belongs to employees and investors. Its board, as listed in an August 2026 SEC filing, is the two founders plus Alfred Lin of Sequoia, Matt Huang of Paradigm and Michael Seibel of Y Combinator (SEC).
Investor | Role in Kalshi’s funding |
|---|---|
Sequoia Capital | Led the $30M Series A (2021); co-led the Series D (2025) and the $1B Series G (Oct 2026) (Tech Funding News) |
Wellington Management | Co-led the $1B Series G at $40B (Oct 2026) (Tech Funding News) |
Coatue | Led the $1B Series F at $22B (May 2026) (Kalshi) |
Paradigm | Led the $185M Series C (Jun 2025) and the $1B Series E (Dec 2025) (Kalshi) |
Andreessen Horowitz | Co-led the $300M Series D (Oct 2025) (Kalshi) |
Y Combinator | Backed Kalshi in its Winter 2019 batch (Y Combinator) |
What is Kalshi’s revenue and trading volume?
Kalshi reports trading volume, not revenue. Its annualized volume more than tripled in six months, from $52 billion to $178 billion, it said in May 2026 (Kalshi). Its annualized revenue has been reported at about $4 billion, a tenth of the $40 billion valuation set in October (Tech Funding News).
Date | Figure | Source |
|---|---|---|
Oct 30, 2026 | “Tens of millions of users” | |
Oct 2026 | About $4B in annualized revenue (press reports) | |
May 7, 2026 | $178B annualized volume; over 90% of US prediction-market activity | |
Dec 2, 2025 | More than $1B traded every week, up over 1,000% from 2024 | |
Oct 10, 2025 | Volume up 200 times and users 20 times in a year; open in 140+ countries |
How much did Kalshi raise? Funding and valuation
Kalshi has raised about $3.6 billion in equity, almost all of it since June 2025. Its valuation went from $2 billion in June 2025 to $40 billion in October 2026, 20 times higher in 16 months (Forbes) (Tech Funding News). Announcing the latest round, Mansour wrote that it “will help us expand into stocks, compute, indices, and institutional” (X).
Round | Announced | Amount | Led by | Valuation | Source |
|---|---|---|---|---|---|
Series G | Oct 29, 2026 | $1B | Sequoia and Wellington | $40B | |
Series F | May 7, 2026 | $1B | Coatue | $22B | |
Series E | Dec 2, 2025 | $1B | Paradigm | $11B | |
Series D | Oct 10, 2025 | $300M | Andreessen Horowitz and Sequoia | $5B | |
Series C | Jun 25, 2025 | $185M | Paradigm | $2B | |
Unannounced round | Nov 2021 (filed 2025) | $70M | Not disclosed | Not disclosed | |
Series A | Feb 17, 2021 | $30M | Sequoia | Not disclosed | |
Seed | Mar 2020 | $6.1M | Not disclosed | Not disclosed |
The total is our sum of the rounds above. SEC filings show slightly less sold in some rounds than announced, because they report sales at the time of filing: for the Series F, $1.12 billion of a $1.5 billion offering by August 2026 (SEC).
Is Kalshi legal? Regulation and court fights
Kalshi is regulated by the CFTC, not by state gambling regulators. Mansour calls this its first principle, “regulatory-first” (X). That status has led to three big legal fights.
Election markets
The CFTC blocked Kalshi’s contracts on which party would control Congress, and Kalshi sued. In September 2024 federal judge Jia Cobb ruled for Kalshi, and on September 12 it made “the first trade made on regulated election markets in nearly a century”, Mansour said (CNN). The CFTC dropped its appeal in May 2025 (Covers).
Sports contracts
Kalshi began offering contracts on sports results in 2025, and states argue they are unlicensed sports betting. Federal appeals courts are split: the Third Circuit sided with Kalshi against New Jersey in April 2026, while the Ninth Circuit (Nevada, August 28) and the Sixth Circuit (Ohio and Tennessee, September 25) ruled against it. New Jersey has asked the Supreme Court to take the case (The Block).
State lawsuits and charges
New York’s attorney general and governor sued KalshiEX in July 2026, calling it “an illegal gambling operation” (New York Attorney General). On October 28, 2026, Utah charged KalshiEX and both co-founders with 13 felonies and a misdemeanor over sports trades; Kalshi called the case “a crazy overreach” and said it would fight it in court (KUER). These are allegations; none has been decided.
Who is the CEO of Kalshi?
Tarek Mansour is Kalshi’s co-founder and CEO. He grew up in Lebanon, studied mathematics and computer science at MIT, interned at Goldman Sachs and traded at Citadel (Wikipedia). He started Kalshi in 2018 with Luana Lopes Lara, a Brazilian former ballet dancer he met in class at MIT (Forbes).
Person | Role | Source |
|---|---|---|
Tarek Mansour | Co-founder and CEO; director | |
Luana Lopes Lara | Co-founder and COO; director | |
Alfred Lin | Director; partner at Sequoia, which led the Series A | |
Matt Huang | Director; co-founder of Paradigm, which led the Series C and E | |
Michael Seibel | Director; Y Combinator |
Full bio and contact routes: Kalshi CEO Tarek Mansour: email address, LinkedIn and bio.
Where is Kalshi headquartered?
Kalshi is headquartered at 416 West 13th Street in New York (SEC). It started in San Francisco: the CFTC described KalshiEX as located there in 2020 (CFTC), and Mansour writes that the founders “moved to SF to get started” (X). Kalshi doesn’t publish a headcount.
What is Kalshi’s email format?
Kalshi employees use {f}{last}@kalshi.com: 99% of known addresses per LeadIQ (LeadIQ), and Clay lists the same pattern (Clay). Staff mail runs on Google Workspace at kalshi.com.
Need | Official address |
|---|---|
Customer support | support@kalshi.com |
Institutional and API access | institutional@kalshi.com |
Wire transfers | wires@kalshi.com |
Security reports | security@kalshi.com |
All patterns, domains and official inboxes: Kalshi email format.
Key events: eight years from YC to $40 billion
Date | Event |
|---|---|
Oct 30, 2026 | Mansour marks eight years since Y Combinator accepted Kalshi (X) |
Oct 29, 2026 | $1B Series G at a $40B valuation, co-led by Sequoia and Wellington (Tech Funding News) |
Oct 28, 2026 | Utah files criminal charges against KalshiEX and its founders (KUER) |
Sep 25, 2026 | The Sixth Circuit rules against Kalshi in Ohio and Tennessee (The Block) |
Jul 31, 2026 | New York sues KalshiEX (New York Attorney General) |
May 7, 2026 | $1B Series F at $22B, led by Coatue (Kalshi) |
Apr 2026 | The Third Circuit sides with Kalshi against New Jersey (The Block) |
Dec 2, 2025 | $1B Series E at $11B, led by Paradigm (Kalshi) |
Oct 10, 2025 | $300M Series D at $5B; opens to 140+ countries (Kalshi) |
Jun 25, 2025 | $185M Series C at $2B, led by Paradigm (Kalshi) |
May 2025 | The CFTC drops its appeal over election markets (Covers) |
Sep 12, 2024 | First trades on regulated US election markets (CNN) |
Feb 17, 2021 | $30M Series A led by Sequoia (Kalshi) |
Nov 4, 2020 | The CFTC designates KalshiEX as a contract market (CFTC) |
Winter 2019 | Y Combinator, W19 batch (Y Combinator) |
2018 | Founded by Tarek Mansour and Luana Lopes Lara (Kalshi) |
More on Kalshi and similar companies
Kalshi email format: patterns, domains and official inboxes
Kalshi CEO Tarek Mansour: his story, career timeline and contact routes
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