A CFTC-regulated financial exchange where users trade contracts on the outcomes of real-world events such as elections, economic data, and sports.
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Prediction-market exchange growing valuation ~10x in under a year, fueled by regulatory tailwinds after CFTC actions favored Kalshi over unregulated rivals like Polymarket. Earliest rounds (seed, Series A) had no disclosed valuation and are omitted.
Low: Revelio Labs, Mar 2026. High: Tracxn, Jul 2026.
As of 2026-09-13 · live via ashby's public job board · ≈8.6% of the 396–552 estimated team
+6 more roles across 5 other teams.
See all open roles at Kalshi →Kalshi runs a CFTC-designated exchange for event contracts: yes/no contracts that pay out according to whether a specified event occurs. Kalshi said it built the stack itself, from matching engine to API, and later registered its own clearinghouse, Kalshi Klear. Its election and sports contracts have been shaped by litigation, with federal appeals courts ruling both ways on sports.
| Date | Type | What |
|---|---|---|
| Sep 16, 2026 | Milestone | Ninth Circuit barred sports contracts on the lands of two California tribes, after holding Kalshi subject to Nevada gaming regulators on August 28 |
| Apr 2026 | Milestone | Divided Third Circuit panel affirmed a preliminary injunction against New Jersey (Apr 6); amended order extended Klear to futures (Apr 15) |
| May 5, 2025 | Milestone | CFTC moved to dismiss its appeal in the election-contracts case |
| Jan 2025 | Milestone | Amended CFTC order (Jan 17) removed the bar on futures commission merchants; sports-outcome contracts began, according to the Third Circuit |
| Oct 2024 | Milestone | D.C. Circuit dissolved the stay (Oct 2); a staff letter (Oct 4) recorded Kalshi's intent to stop clearing through LedgerX and use only Klear |
| Sep 2024 | Milestone | Judge Jia Cobb ruled for Kalshi (Sept 6); contracts listed Sept 12 traded about eight hours before a D.C. Circuit administrative stay |
| Aug 28, 2024 | Milestone | Kalshi Klear LLC, its own clearinghouse, registered as a DCO for fully collateralized positions in swaps |
| Sep 22, 2023 | Milestone | CFTC prohibited the Congress-control contracts Kalshi had self-certified on June 12, 2023, as involving gaming and unlawful activity |
| Nov 28, 2022 | Milestone | Announced REST API v2 and WebSocket streaming of order book and price data |
| Jul 26, 2021 | Milestone | Exchange opened in public beta |
| Apr 22, 2021 | Milestone | CFTC staff letter 21-11 conditioned its relief on every contract being fully collateralized; clearing was first outsourced to LedgerX |
| Nov 3, 2020 | Milestone | CFTC issued the Order of Designation as a contract market; Kalshi had applied in filings dated from December 30, 2019 |
No acquisitions on record.
Kalshi's exchange entity, KalshiEX LLC, is a Delaware limited liability company. It applied to the Commodity Futures Trading Commission for designation as a contract market in filings dated from December 30, 2019, and the CFTC issued the Order of Designation on November 3, 2020 (announced November 4). Kalshi, co-founded by Tarek Mansour and Luana Lopes Lara, described the result as the first regulated exchange dedicated to event contracts: yes/no contracts that pay out according to whether a specified event occurs. The original order barred futures commission merchants from intermediating trades or carrying customer accounts; on January 17, 2025 the Commission issued an amended order removing that condition.
The exchange opened in public beta on July 26, 2021. Kalshi said it had built the stack itself: matching engine and trade execution, clearinghouse integration, regulatory reporting, market listing and settlement, trade surveillance, and a web portal plus API. Clearing was first outsourced to LedgerX, and CFTC staff letter 21-11 (April 22, 2021) conditioned its relief on every Kalshi contract being fully collateralized. Kalshi's own clearinghouse, Kalshi Klear LLC, was registered as a DCO on August 28, 2024 for fully collateralized positions in swaps; an October 4, 2024 staff letter recorded Kalshi's intent to stop clearing through LedgerX and clear only through Klear. An amended order of April 15, 2026 extended Klear to futures, options on futures and swaps, with any margin methodology for swaps or options on futures subject to prior Commission approval. Kalshi announced REST API v2 and WebSocket streaming of order book and price data on November 28, 2022; a FIX API was to be announced later.
Kalshi's position on election contracts was set by litigation. It self-certified contracts on party control of each chamber of Congress on June 12, 2023; on September 22, 2023 the CFTC prohibited them as involving gaming and unlawful activity. Kalshi sued. Judge Jia Cobb ruled for Kalshi on September 6, 2024 and, in a September 12 opinion, held that elections are not 'gaming' and that the contracts did not 'involve' unlawful activity. Kalshi listed the contracts on September 12; they traded for about eight hours before the D.C. Circuit entered an administrative stay, which it dissolved on October 2, 2024 because the CFTC had not shown irreparable harm. On May 5, 2025 the CFTC moved to dismiss its appeal.
Kalshi began offering sports-outcome contracts in January 2025, according to the Third Circuit. States responded with cease-and-desist letters and Kalshi sued, arguing the Commodity Exchange Act gives the CFTC exclusive jurisdiction over swaps traded on a designated contract market. On April 6, 2026 a divided Third Circuit panel affirmed a preliminary injunction against New Jersey. The Ninth Circuit went the other way: on August 28, 2026 it held Kalshi subject to Nevada gaming regulators, and on September 16, 2026 it barred Kalshi's sports contracts on the lands of two California tribes. An appeal from a Maryland district court ruling against Kalshi is before the Fourth Circuit. A Google Patents assignee search on September 19, 2026 returned no patents or applications for Kalshi, KalshiEX or Kalshi Klear, and no acquisitions by Kalshi were found.
Profile as of Sep 19, 2026.
| Round | Date | Valuation | Lead |
|---|---|---|---|
| Series F | 2026-03-18 | $22.0B+100% | Coatue Management (also Sequoia, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley, ARK Invest); initially reported by Bloomberg Mar 19 2026, legally closed per a Cooley notice around May 7 2026 |
| Series E | 2025-12-02 | $11.0B+120% | Paradigm (also Sequoia, Andreessen Horowitz, Meritech, IVP, ARK Invest, Anthos, CapitalG, Y Combinator) |
| Series D | 2025-10-10 | $5.0B+150% | Co-led by Andreessen Horowitz and Sequoia Capital (also Paradigm, Coinbase Ventures, General Catalyst, Spark Capital, CapitalG) |
| Series C | 2025-06-26 | $2.0B | Paradigm (also joined by Sequoia, Multicoin, Neo, BOND) |
| Undisclosed round (SEC Form D) | 2021-11-03 | — | Not disclosed -- SEC Form D lists only the company's own officers/directors, not the investor(s) |
| Undisclosed round (SEC Form D) | 2020-12-18 | — | Not disclosed -- SEC Form D lists only the company's own officers/directors, not the investor(s) |
| Undisclosed round (SEC Form D) | 2020-03-04 | — | Not disclosed -- SEC Form D lists only the company's own officers/directors, not the investor(s) |
| Status | in talks, target close as soon as Q3 2026, not confirmed closed as of Sept 12 2026 |
|---|---|
| Target valuation | $40.0B |
| Details | In advanced talks for a new round targeting a $40B post-money valuation (>$750M raise), reportedly led by Sequoia Capital (deepening its existing stake) and Wellington Management (its first Kalshi investment). |
| Source | The Information/CoinDesk, Aug 13 2026 |
These are on the public record as giving exposure to Kalshi. Buying one means owning a stake in the vehicle, not in Kalshi, and the vehicle takes fees along the way.
| Vehicle | How you get exposure | Share of the vehicle | Who can buy |
|---|---|---|---|
| ARK Venture Fund Interval fund | Held directly | 2.77% of the fund | US investors, through brokers that carry the fund. Not exchange-traded. |
On the public record means the vehicle exists in a regulatory filing or a public product document. It does not mean PrePost has vetted it, or checked that it suits you. What each of these really is, and what comes off your return, is in the instruments primer.
Ordered by how much of the vehicle this company is, never by payment. How we stay independent.
| Status | S-1 Not Filed |
|---|---|
| Timing | 2027 or later |
| Notes | CEO Tarek Mansour is 'thinking about' an IPO but explicitly ruled it out for 2026. |
| Source | CNBC, Jun 24 2026; CoinDesk, Aug 13 2026 |
Polymarket/Kalshi rows are live market-implied odds, not a PrePost prediction; everything else is a cited news signal. PrePost doesn't publish its own IPO forecast.