Kalshi revenue and valuation
Specter estimates Kalshi's annual revenue at $3.32B to $5.34B and its valuation at $33.3B to $48.1B. The company last reported $4B revenue in August 2026 and was priced at $40B in October 2026.
- Estimated revenue
- $3.32B–$5.34B
- Estimated valuation
- $33.3B–$48.1B
- Reported revenue
- $4B
- Total funding
- $3.88B
- Founded
- 2019
- Headquarters
- New York City, United States
- Employees
- 604
Kalshi revenue
Kalshi grew from $1.09B revenue in September 2025 to $4B in August 2026. Specter's model puts current revenue between $3.32B and $5.34B, anchored to four reported figures.
Monthly data
| Month | Specter estimate | Low | High | Reported figure |
|---|---|---|---|---|
| $4.21B | $3.32B | $5.34B | ||
| $4.04B | $3.23B | $5.06B | ||
| $4B | $3.33B | $4.81B | $4B | |
| $2.83B | $2.25B | $3.55B | ||
| $2B | $1.66B | $2.4B | $2B | |
| $1.82B | $1.37B | $2.41B | ||
| $1.65B | $1.31B | $2.08B | ||
| $1.5B | $1.25B | $1.8B | $1.5B | |
| $1.42B | $950M | $2.13B | ||
| $1.35B | $940M | $1.94B | ||
| $1.28B | $920M | $1.78B | ||
| $1.22B | $900M | $1.64B | ||
| $1.15B | $900M | $1.48B | ||
| $1.09B | $910M | $1.32B | $1.09B | |
| $150M | $43M | $260M | ||
| $139M | $44M | $230M | ||
| $156M | $53M | $260M | ||
| $100M | $33M | $168M | ||
| $117M | $37M | $196M | ||
| $101M | $46M | $156M | ||
| $104M | $51M | $157M | ||
| $107M | $47M | $168M | ||
| $127M | $47M | $210M | ||
| $48M | $16M | $80M | ||
| $30M | $9M | $50M | ||
| $13M | $4.1M | $23M | ||
| $26M | $7.5M | $45M | ||
| $28M | $14M | $42M | ||
| $28M | $13M | $42M |
Kalshi valuation
Kalshi's valuation rose from $2B at its Series C in June 2025 to $40B at its Series G in October 2026. Specter's live estimate sits between $33.3B and $48.1B.
Monthly data
| Month | Specter estimate | Low | High | Reported valuation |
|---|---|---|---|---|
| $40B | $33.3B | $48.1B | $40B (round) | |
| $31B | $25.8B | $37.3B | $31B (press) | |
| $27.6B | $21.9B | $35B | ||
| $24.7B | $20.2B | $30.1B | ||
| $22B | $18.3B | $26.4B | $22B (press) | |
| $22B | $18.3B | $26.4B | $22B (press) | |
| $22B | $18.3B | $26.4B | $22B (press) | |
| $22B | $18.3B | $26.4B | $22B (round) | |
| $11B | $9.15B | $13.2B | $11B (press) | |
| $6.5B | $5.41B | $7.81B | $6.5B (press) | |
| $11B | $9.15B | $13.2B | $11B (press) | |
| $11B | $9.15B | $13.2B | $11B (round) | |
| $5B | $4.16B | $6.01B | $5B (round) | |
| $3.98B | $3.12B | $5.07B | ||
| $3.16B | $2.58B | $3.88B | ||
| $2.51B | $2.08B | $3.05B | ||
| $2B | $1.66B | $2.4B | $2B (round) | |
| $2.48B | $1.55B | $3.94B | ||
| $3.06B | $2B | $4.7B | ||
| $3.79B | $2.57B | $5.59B | ||
| $4.69B | $3.3B | $6.66B | ||
| $5.8B | $4.32B | $7.81B | ||
| $7.18B | $5.54B | $9.32B | ||
| $8.89B | $7.15B | $11.1B | ||
| $11B | $9.15B | $13.2B | $11B (press) | |
| $13.1B | $9.68B | $17.7B | ||
| $15.6B | $11.8B | $20.6B | ||
| $18.5B | $14.8B | $23.1B | ||
| $22B | $18.3B | $26.4B | $22B (press) |
Kalshi funding rounds
| Date | Round | Raised | Post-money valuation | Lead investors |
|---|---|---|---|---|
| Series G | $1B | $40B | Sequoia Capital, Wellington Management | |
| Funding round | $30M | Undisclosed | ERShares Private-Public Crossover ETF | |
| Series F | $1.2B | $22B | Coatue | |
| Corporate round | Undisclosed | Undisclosed | Tradeweb | |
| Series E | $1B | $11B | Sequoia Capital, Paradigm, CapitalG | |
| Series D | $300M | $5B | Sequoia Capital, Andreessen Horowitz | |
| Secondary | $2M | Undisclosed | Undisclosed | |
| Series C | $185M | $2B | Paradigm | |
| Debt financing | $50M | Undisclosed | Undisclosed | |
| Venture round | $70M | Undisclosed | Undisclosed | |
| Series A | $30M | Undisclosed | Sequoia Capital | |
| Seed | $6.09M | Undisclosed | Global Founders Capital | |
| Pre-Seed | $2M | Undisclosed | Y Combinator |
Kalshi competitors
The event trading market is divided between strictly regulated exchanges and permissionless decentralized protocols.
| Company | Revenue | Valuation |
|---|---|---|
| $3.32B–$5.34B | $33.3B–$48.1B | |
| $1.5B–$2.16B | $18.7B–$26.8B | |
| $1.1M–$5.9M | $3.1M–$49M | |
| $400K–$4M | $3.3M–$12M | |
| $1.7M–$5.2M | $6.2M–$65M |
Kalshi revenue and valuation FAQ
What is Kalshi's revenue?
Specter estimates Kalshi's annual revenue at $3.32B to $5.34B as of October 2026. Kalshi last reported $4B revenue in August 2026, up from $1.09B in September 2025.
What is Kalshi's valuation?
Kalshi's latest post-money valuation is $40B, from an October 2026 Series G. Specter's live estimate is $33.3B to $48.1B.
What is Kalshi's revenue multiple?
Kalshi is valued at about 10× revenue, based on its $40B October 2026 valuation and $4B last reported revenue. That works out to roughly $6.62M of revenue per employee.
How much funding has Kalshi raised?
$3.88B across 13 rounds, from a $2M Pre-Seed in March 2019 to a $1B Series G in October 2026.
Who invested in Kalshi?
51 investors, including Coatue, ERShares Private-Public Crossover ETF, Paradigm, Sequoia Capital, Tradeweb and Wellington Management.
Who are Kalshi's competitors?
Polymarket, ForecastEx, DKeX and OG.com. Specter ranks 30 competitors for Kalshi.