Private Market View

Kalshi

Other Financial Services · New York, NY · Founded 2018 · Privately Held (backing)

PA Mark · $/share
$605
Sep 2026
Implied valuation
$22.0B
Total raised
$2.5B
Last round
IPO
Jan 2028

Key facts

as of Sep 2026
  • Kalshi is valued at approximately $22.0B (~$605/share) as of Sep 2026, per Private Market View’s composite mark.
  • It has raised $2.5B across 12 recorded rounds; the latest was Later Stage VC ($1.2B) in May 2026.
  • Notable investors include Andreessen Horowitz, Sequoia Capital, Global Founders Capital, Paradigm (Crypto Fund), Y Combinator — 74 tracked in total.
  • 1 institutional filer reports fund marks on Kalshi across 3 filings.
  • Private Market View tracks 19 recorded secondary trades in Kalshi shares.
  • 6 investment vehicles were formed to buy Kalshi shares in the last 12 months, reporting $23.0M sold to 169 investors, per SEC Form D filings.
  • Kalshi has filed 3 Form Ds with the SEC since 2020, most recently Dec 2025 ($820.8M sold to 31 investors).
  • Status: Privately Held (backing).
PA Mark — composite indicative price
HIGH confidence
~$605per share
implies $22.0B valuation · as of Sep 2026 · the exact daily mark is a member feature
Composed from 6 inputs:3rd-party trades 64%Round prints 20%N-PORT marks 15%
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  • ·Post-money valuations for all 12 rounds
  • ·The complete investor list — 74 names
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Recorded secondary trades

19 on record · Dec 2025 – Jul 2026

19 trades between Dec 2025 and Jul 2026. Exact dates, prices and structures are available to Pro members.

Dec 2025peak 7 prints / monthJul 2026
Counts and months are public. The prints are the product.Unlock 19 trade prints

Institutional fund marks

1 filers · latest Apr 2026

1 SEC-registered fund reported 3 fair-value marks on Kalshi between Jan 2026 and Apr 2026. Filer-level marks and implied $/share are available to Pro members.

Unlock 3 fund marks

Funding rounds

12 rounds
Jan 2028IPO—▮
Jun 2026Later Stage VC$750.0M▮
May 2026Series F$1.2B▮
Nov 2025Series E$1.0B▮
Oct 2025Series D$300.0M▮
Full funding history →

Secondary demand: investment vehicles

from SEC Form D filings

In the last 12 months, 6 investment vehicles were formed to buy Kalshi shares, reporting $23.0M sold to 169 investors across 6 sponsors. Most recent filing May 2026. Vehicles like these are how secondary buyers pool demand for a name; a rising count is a demand signal.

The vehicle list — each sponsor, filing date, amount sold and investor count — is a Pro table. Unlock the 6 vehicles →
Companies with the most vehicle activity →

Leadership

About Kalshi

Operator of a regulated exchange intended for trading event contracts. The company operates as a designated contract market regulated by the Commodity Futures Trading Commission, utilizes a central limit order book for matching buyers and sellers, facilitates direct trading on real-world event outcomes, implements clearinghouse functions for trade settlement, and provides real-time market data, enabling individual traders to hedge risks and participate in the information economy.

Industry
Other Financial Services
Sector
Financial Services
HQ
New York, NY, United States
Founded
2018
Employees
150
Ownership
Privately Held (backing)