---
title: "Kalshi revenue and valuation"
description: "Kalshi's revenue is estimated at $3.32B–$5.34B, last reported at $4B. Valued at $40B after raising $3.88B. Funding rounds and competitors."
url: https://www.tryspecter.com/revenue-valuation/kalshi.md
canonical_url: https://www.tryspecter.com/revenue-valuation/kalshi
publisher: Specter
last_updated: 2026-11-01
---

# 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.

Kalshi operates a CFTC-regulated exchange for trading yes/no event contracts.

- Estimated revenue: $3.32B to $5.34B (October 2026)
- Estimated valuation: $33.3B to $48.1B (October 2026)
- Last reported revenue: $4B (August 2026)
- Total funding: $3.88B
- Founded: 2019
- Headquarters: New York City, United States
- Employees: 604
- Sector: Prediction markets
- Specter Rank: #1,668

## 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.

| Reported figure | Date | Source |
| --- | --- | --- |
| $4B revenue | August 2026 | [Report: Kalshi seeks $40B valuation, Sequoia and Wellington eye lead investor role](https://techfundingnews.com/kalshi-seeks-40b-valuation-sequoia-wellington/) (techfundingnews.com) |
| $2B ARR | June 2026 | [KALSHI PASSES $2B IN ANNUALIZED REVENUE: INFORMATION](https://x.com/negligible_cap/status/2067722580996260021) (x.com) |
| $1.5B revenue | March 2026 | [Sources: Kalshi is raising ~$1B led by Coatue at a $22B valuation, up from the $11B valuation announced in December, and has a revenue run…](https://x.com/Techmeme/status/2034731871972859909) (x.com) |
| $1.09B revenue | September 2025 | [Preliminary numbers: @Kalshi did over $204M in volume on Sunday the 14th, and generated over $3M in fee revenue.](https://x.com/eightyhi/status/1967475349249511775) (x.com) |

| Month | Specter estimate | Low | High |
| --- | --- | --- | --- |
| October 2026 | $4.21B | $3.32B | $5.34B |
| September 2026 | $4.04B | $3.23B | $5.06B |
| August 2026 | $4B | $3.33B | $4.81B |
| July 2026 | $2.83B | $2.25B | $3.55B |
| June 2026 | $2B | $1.66B | $2.4B |
| May 2026 | $1.82B | $1.37B | $2.41B |
| April 2026 | $1.65B | $1.31B | $2.08B |
| March 2026 | $1.5B | $1.25B | $1.8B |
| February 2026 | $1.42B | $950M | $2.13B |
| January 2026 | $1.35B | $940M | $1.94B |
| December 2025 | $1.28B | $920M | $1.78B |
| November 2025 | $1.22B | $900M | $1.64B |
| October 2025 | $1.15B | $900M | $1.48B |
| September 2025 | $1.09B | $910M | $1.32B |
| August 2025 | $150M | $43M | $260M |
| July 2025 | $139M | $44M | $230M |
| June 2025 | $156M | $53M | $260M |
| May 2025 | $100M | $33M | $168M |
| April 2025 | $117M | $37M | $196M |
| March 2025 | $101M | $46M | $156M |
| February 2025 | $104M | $51M | $157M |
| January 2025 | $107M | $47M | $168M |
| December 2024 | $127M | $47M | $210M |
| November 2024 | $48M | $16M | $80M |
| October 2024 | $30M | $9M | $50M |
| September 2024 | $13M | $4.1M | $23M |
| August 2024 | $26M | $7.5M | $45M |
| July 2024 | $28M | $14M | $42M |
| June 2024 | $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.

| Month | Specter estimate | Low | High |
| --- | --- | --- | --- |
| October 2026 | $40B | $33.3B | $48.1B |
| September 2026 | $31B | $25.8B | $37.3B |
| August 2026 | $27.6B | $21.9B | $35B |
| July 2026 | $24.7B | $20.2B | $30.1B |
| June 2026 | $22B | $18.3B | $26.4B |
| May 2026 | $22B | $18.3B | $26.4B |
| April 2026 | $22B | $18.3B | $26.4B |
| March 2026 | $22B | $18.3B | $26.4B |
| February 2026 | $11B | $9.15B | $13.2B |
| January 2026 | $6.5B | $5.41B | $7.81B |
| December 2025 | $11B | $9.15B | $13.2B |
| November 2025 | $11B | $9.15B | $13.2B |
| October 2025 | $5B | $4.16B | $6.01B |
| September 2025 | $3.98B | $3.12B | $5.07B |
| August 2025 | $3.16B | $2.58B | $3.88B |
| July 2025 | $2.51B | $2.08B | $3.05B |
| June 2025 | $2B | $1.66B | $2.4B |
| May 2025 | $2.48B | $1.55B | $3.94B |
| April 2025 | $3.06B | $2B | $4.7B |
| March 2025 | $3.79B | $2.57B | $5.59B |
| February 2025 | $4.69B | $3.3B | $6.66B |
| January 2025 | $5.8B | $4.32B | $7.81B |
| December 2024 | $7.18B | $5.54B | $9.32B |
| November 2024 | $8.89B | $7.15B | $11.1B |
| October 2024 | $11B | $9.15B | $13.2B |
| September 2024 | $13.1B | $9.68B | $17.7B |
| August 2024 | $15.6B | $11.8B | $20.6B |
| July 2024 | $18.5B | $14.8B | $23.1B |
| June 2024 | $22B | $18.3B | $26.4B |

| Reported valuation | Month | Source |
| --- | --- | --- |
| $40B | November 2026 | [finsmes.com](https://finsmes.com/2026/11/kalshi-raises-1-billion-in-series-g-funding-at-40-billion-post-money-valuation.html) |
| $40B | October 2026 | Funding round |
| $31B | September 2026 | [forbes.at](https://www.forbes.at/artikel/vom-ballett-zur-juengsten-selfmade-milliardaerin) |
| $22B | June 2026 | [x.com](https://x.com/RB_Tradingltd/status/2067856477876847103) |
| $22B | May 2026 | [m.economictimes.com](https://m.economictimes.com/tech/funding/kalshi-valued-at-22-billion-in-latest-funding-round/articleshow/130902133.cms) |
| $22B | April 2026 | [dlnews.com](https://www.dlnews.com/articles/markets/crypto-startups-raised-5-billion-in-q1top-10-funding-rounds/) |
| $22B | March 2026 | Funding round |
| $11B | February 2026 | [forbes.fr](https://www.forbes.fr/business/les-societes-de-capital-risque-investissent-massivement-dans-les-jeunes-diplomes-afin-de-creer-des-marches-predictifs/) |
| $6.5B | January 2026 | [techcrunch.com](https://techcrunch.com/2026/01/12/at-least-36-new-tech-unicorns-were-minted-in-2025-so-far/) |
| $11B | December 2025 | [axios.com](https://axios.com/2025/12/02/cnn-kalshi-prediction-market-data) |
| $11B | November 2025 | Funding round |
| $5B | October 2025 | Funding round |
| $2B | June 2025 | Funding round |
| $11B | October 2024 | [techcrunch.com](https://www.techcrunch.com/latest/3041282/) |
| $22B | June 2024 | [ft.com](https://www.ft.com/content/76ba916e-0478-4556-a341-a1ddd83dda2a) |
| $2B | June 2023 | [pitchbook.com](https://pitchbook.com/news/articles/predictions-market-kalshi-raised-185m-2b-valuation) |

## Kalshi funding rounds

| Date | Round | Raised | Post-money | Lead investors |
| --- | --- | --- | --- | --- |
| 29 Oct 2026 | Series G | $1B | $40B | Sequoia Capital, Wellington Management |
| 13 Jul 2026 | Funding round | $30M | Undisclosed | ERShares Private-Public Crossover ETF |
| 19 Mar 2026 | Series F | $1.2B | $22B | Coatue |
| 19 Feb 2026 | Corporate round | Undisclosed | Undisclosed | Tradeweb |
| 20 Nov 2025 | Series E | $1B | $11B | Sequoia Capital, Paradigm, CapitalG |
| 10 Oct 2025 | Series D | $300M | $5B | Sequoia Capital, Andreessen Horowitz |
| 2 Sep 2025 | Secondary | $2M | Undisclosed | Undisclosed |
| 25 Jun 2025 | Series C | $185M | $2B | Paradigm |
| 28 Oct 2024 | Debt financing | $50M | Undisclosed | Undisclosed |
| 3 Nov 2021 | Venture round | $70M | Undisclosed | Undisclosed |
| 17 Feb 2021 | Series A | $30M | Undisclosed | Sequoia Capital |
| 19 Mar 2020 | Seed | $6.09M | Undisclosed | Global Founders Capital |
| 6 Mar 2019 | Pre-Seed | $2M | Undisclosed | Y Combinator |

## Kalshi vs competitors

The event trading market is divided between strictly regulated exchanges and permissionless decentralized protocols.

| Company | Estimated revenue | Estimated valuation |
| --- | --- | --- |
| Kalshi | $3.32B–$5.34B | $33.3B–$48.1B |
| Polymarket (polymarket.com) | $1.5B–$2.16B | $18.7B–$26.8B |
| ForecastEx (forecastex.com) | $1.1M–$5.9M | $3.1M–$49M |
| DKeX (railbirdexchange.com) | $400K–$4M | $3.3M–$12M |
| OG.com (og.com) | $1.7M–$5.2M | $6.2M–$65M |

## Questions

### 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.

## About this data

Specter models revenue and valuation monthly and anchors each estimate to reported figures and priced rounds. Method: https://www.tryspecter.com/revenue-valuation

Cite as: Specter. "Kalshi revenue and valuation." tryspecter.com/revenue-valuation/kalshi. Updated November 2026.