Kalshi funding rounds & valuation history
Kalshi’s Series C to Series G, plus the reported talks before the last two closes, labelled as a closed round or talks. Each row gives the amount, lead investors, valuation and its source.
Round history
Newest first. Dashed badges and striped rows are not closed transactions. “—” means the source does not disclose the figure or it cannot be computed on the same basis; see the note in each row.
| Date | Status | Round | Amount | Lead / buyer | Valuation | Val. ÷ run-rate | Source |
|---|---|---|---|---|---|---|---|
Closed round |
Series GKalshi: “over $1 billion in non-sports annualized revenue”. That is one segment, not company revenue, so no multiple.Reuters (source): Tiger Global and Dragoneer also took part. |
$1B |
Wellington, SequoiaJoining: Baillie Gifford, Stripes, a16z, Coatue, Layer Global, Morgan Stanley IM, Sequoia Global Equities, CapitalG, Hudson River Trading, Balyasny |
$40BPost-money, as stated by Kalshi1.82× vs prior closed |
—Not disclosedNo run-rate stated in the announcement |
||
Reported talks |
Reported talks (became the Series G)“Advanced talks”; Tiger Global and Dragoneer could join. Outcome: closed 29 Oct 2026 at $1B and $40B post-money. |
About $1B |
Sequoia, Wellington (in talks to lead) |
About $40BReported by Reuters (via Cointelegraph and Yahoo Finance) |
—Not disclosedTalks-stage or discussed figure; no multiple |
||
Closed round |
Series FKalshi told Bloomberg its annualized revenue exceeds $1.5B (via TechCrunch). This is not in Kalshi’s own announcement, so no multiple is shown. |
$1B |
CoatueAlso: Sequoia, a16z, IVP, Paradigm, Morgan Stanley, ARK Invest |
$22BValuation stated by Kalshi; pre- or post-money not stated2.00× vs prior closed |
—Not disclosedNo run-rate stated in the announcement |
||
Reported talks |
Reported talks (became the Series F)Outcome: announced 7 May 2026 at $1B and $22B. |
$1B |
Coatue (leading) |
$22BReported by the WSJ (via Fortune). Kalshi declined to comment. |
—Not disclosedTalks-stage or discussed figure; no multiple |
||
Closed round |
Series E |
$1B |
ParadigmAlso: Sequoia, a16z, Meritech, IVP, ARK Invest, Anthos, CapitalG, Y Combinator |
$11BValuation stated by Kalshi; pre- or post-money not stated2.20× vs prior closed |
—Not disclosedNo run-rate stated in the announcement |
||
Closed round |
Series D |
$300MTechCrunch: “over $300 million” |
Andreessen Horowitz, Sequoia CapitalAlso: Paradigm, Coinbase Ventures, General Catalyst, Spark, CapitalG |
$5BValuation stated by Kalshi; pre- or post-money not stated2.50× vs prior closed |
—Not disclosedNo run-rate stated in the announcement |
||
Closed round |
Series CKalshi’s first announced round in more than three years. Earliest round in this tracker. |
$185M |
ParadigmAlso: Sequoia, Multicoin, Neo, BOND and others |
$2BValuation stated by Kalshi; pre- or post-money not stated |
—Not disclosedNo run-rate stated in the announcement |
Valuation at each closed round
Closed rounds only, at the valuation Kalshi stated. The Series G is post-money; Kalshi did not say for earlier rounds. Talks are not plotted.
Source: Kalshi announcements. US$ billions, linear scale.
Talks vs. closings
What was reported in talks, and what actually closed.
- 25 Jun 2025 · Closed
Series C: $185M at $2B, led by Paradigm.
- 10 Oct 2025 · Closed
Series D: $300M at $5B.
- 2 Dec 2025 · Closed
Series E: $1B at $11B, led by Paradigm.
- 20 Mar 2026 · Talks
Coatue leading $1B at $22B (WSJ, via Fortune).
- 7 May 2026 · Closed
Series F: $1B at $22B, led by Coatue.
- 29 Sep 2026 · Talks
About $1B at about $40B (Reuters).
- 29 Oct 2026 · Closed
Series G: $1B at $40B post-money. This is the last closed valuation.
Cite this dataset
Free to quote with a link back. Copy this citation:
Kalshi Funding Rounds & Valuation History. Private Valuation & Funding Round Tracker, GrowthNavigateFunding.net, updated 13 Nov 2026. https://growthnavigatefunding.net/funding/kalshi/
Download the data
The same 7 rows as the table: numeric US$ columns, empty cells where a figure is not disclosed, and a source URL for every row.
- File
kalshi-rounds.csv(UTF-8, comma-separated)- Stable URL
https://growthnavigatefunding.net/wp-content/uploads/2026/11/kalshi-rounds.csv- Columns
id,date,date_precision,status,transaction_type,round,amount_usd_low,amount_usd_high,lead_or_buyer,co_leads,valuation_usd_low,valuation_usd_high,valuation_basis,valuation_to_run_rate_multiple,multiple_bound,multiple_basis,step_up_vs_prior_closed,price_per_share_usd_low,price_per_share_usd_high,shares,source,source_url,other_source_urls,notes,last_updated- Updated
- (IST)
Methodology & status definitions
How each row is labelled and calculated.
Closed round
A priced equity round Kalshi announced. Only the Series G is stated as post-money; earlier valuations are as stated, and the chart notes this.
Reported talks
A round reported before it closed, attributed to the outlet that reported it. Paired with the round it became. No multiple.
Valuation ÷ run-rate
Valuation ÷ the run-rate revenue the company stated in that round’s announcement (GNF calc.). Kalshi’s announcements give trading volume and, for the Series G, non-sports revenue only, so no multiples are shown.
What is not a separate row
Rounds before the Series C (2022 and earlier). Trading volume and third-party revenue estimates (Sacra, PitchBook). Reports of a planned IPO, which have not been confirmed by Kalshi. Lawsuits and state charges are not funding events.
Updates & corrections
This page stays at one address and is updated in place; the “Last updated” date above drives the citation and the dataset metadata. Corrections: hello@growthnavigatefunding.net. Informational only; not investment advice.
Changelog
- : Dataset first compiled: Series C to G and two reported talks, checked against the linked sources.
Sources
- Kalshi: Building the next-generation financial exchange: Kalshi raises $1 billion at a $40 billion valuation, 29 Oct 2026
- Reuters (Investing.com): Kalshi raises $1 billion at $40 billion valuation as it expands beyond prediction markets, 29 Oct 2026
- Cointelegraph: Kalshi in advanced talks to raise new funding at $40B valuation: Reuters, 30 Sep 2026
- Yahoo Finance: Kalshi Valuation Could Nearly Double to $40B: What Would Justify It?, 30 Sep 2026
- Kalshi: Kalshi Raises $1 Billion at a $22 Billion Valuation as Institutional Adoption Accelerates, 7 May 2026
- TechCrunch: Kalshi doubles valuation in 5 months, hitting $22B, 7 May 2026
- Fortune: Kalshi locks in $22 billion valuation, gaining slight edge over its rival Polymarket, 20 Mar 2026
- Kalshi: Kalshi Reaches $11 Billion Valuation as App Takes over America, 2 Dec 2025
- TechCrunch: Kalshi raises $1B at $11B valuation, doubling value in under two months, 2 Dec 2025
- Kalshi: Kalshi hits $5 billion valuation amid international expansion, 10 Oct 2025
- TechCrunch: Kalshi hits $5B valuation days after rival Polymarket gets $2B NYSE backing at $8B, 10 Oct 2025
- Kalshi: Kalshi hits $2B valuation after breakout year, 25 Jun 2025