Kraken revenue and valuation
Specter estimates Kraken's annual revenue at $1.04B to $6.46B and its valuation at $18B to $28.1B. The company last reported $2.2B revenue in December 2025 and was priced at $21B in September 2026.
- Estimated revenue
- $1.04B–$6.46B
- Estimated valuation
- $18B–$28.1B
- Reported revenue
- $2.2B
- Total funding
- $1.53B
- Founded
- 2011
- Headquarters
- San Francisco, United States
- Employees
- 1,187
Kraken revenue
Kraken grew from $1.65B revenue in June 2025 to $2.2B in December 2025. Specter's model puts current revenue between $1.04B and $6.46B, anchored to three reported figures.
Monthly data
| Month | Specter estimate | Low | High | Reported revenue |
|---|---|---|---|---|
| $2.6B | $1.04B | $6.46B | ||
| $2.53B | $1.21B | $5.3B | ||
| $2.38B | $1.22B | $4.61B | ||
| $2.49B | $1.39B | $4.47B | ||
| $2.56B | $1.56B | $4.22B | ||
| $2.44B | $1.5B | $3.95B | ||
| $2.35B | $1.54B | $3.59B | ||
| $2.36B | $1.67B | $3.35B | ||
| $2.41B | $1.81B | $3.23B | ||
| $2.4B | $1.88B | $3.05B | ||
| $2.2B | $1.83B | $2.64B | $2.2B | |
| $2.32B | $1.74B | $3.11B | ||
| $2.45B | $1.94B | $3.1B | ||
| $2.59B | $2.16B | $3.12B | $2.59B | |
| $2.23B | $1.66B | $2.99B | ||
| $1.92B | $1.49B | $2.46B | ||
| $1.65B | $1.37B | $1.98B | $1.65B | |
| $280M | $74M | $490M | ||
| $280M | $83M | $470M | ||
| $360M | $112M | $620M | ||
| $290M | $85M | $500M | ||
| $290M | $65M | $510M | ||
| $270M | $60M | $480M | ||
| $230M | $63M | $390M | ||
| $210M | $81M | $350M | ||
| $280M | $110M | $440M | ||
| $320M | $133M | $510M | ||
| $340M | $157M | $530M | ||
| $310M | $144M | $480M |
| Date | Reported revenue | Source |
|---|---|---|
| $2.2B | ||
| $2.59B | ||
| $1.65B |
Kraken valuation
Kraken's valuation rose from $4B at its Series C in February 2019 to $21B at its Series E in September 2026. Specter's live estimate sits between $18B and $28.1B.
Monthly data
| Month | Specter estimate | Low | High | Reported valuation |
|---|---|---|---|---|
| $22.5B | $18B | $28.1B | ||
| $21B | $17.5B | $25.3B | $21B (round) | |
| $20.9B | $11.2B | $39B | ||
| $20.8B | $12.1B | $35.5B | ||
| $20.6B | $13.1B | $32.5B | ||
| $20.5B | $13.8B | $30.4B | ||
| $20.4B | $14.5B | $28.5B | ||
| $20.3B | $15.1B | $27.2B | ||
| $20.1B | $15.8B | $25.6B | ||
| $20B | $16.6B | $24.1B | $20B (press) | |
| $2B | $1.66B | $2.4B | $2B (press) | |
| $20B | $16.6B | $24.1B | $20B (round) | |
| $17.3B | $13.8B | $21.7B | ||
| $15B | $12.5B | $18B | $15B (round) | |
| $4.24B | $1.75B | $9.67B | ||
| $6.65B | $2.02B | $10.3B | ||
| $5.9B | $1.85B | $8.11B | ||
| $2.29B | $600M | $3.74B | ||
| $2.56B | $740M | $3.54B | ||
| $3.03B | $860M | $4.8B | ||
| $2.56B | $760M | $3.43B | ||
| $2.59B | $780M | $3.26B | ||
| $2.62B | $790M | $3.11B | ||
| $2.22B | $850M | $3.15B | ||
| $1.72B | $710M | $2.82B | ||
| $2.73B | $910M | $4.59B | ||
| $2.77B | $960M | $5.45B | ||
| $3.2B | $1.13B | $5.57B | ||
| $3.21B | $1.1B | $5.52B |
Kraken funding rounds
| Date | Round | Raised | Post-money valuation | Lead investors |
|---|---|---|---|---|
| Series E | $100M | $21B | Nasdaq Ventures | |
| Venture round | $800M | $20B | Citadel Securities, DRW Venture Capital, Jane Street Capital, HSG, Oppenheimer & Co., Tribe Capital | |
| Venture round | Undisclosed | Undisclosed | C1Fund | |
| Venture round | $500M | $15B | Undisclosed | |
| Series D | $3.42M | Undisclosed | Undisclosed | |
| Secondary | Undisclosed | Undisclosed | Undisclosed | |
| Secondary | Undisclosed | Undisclosed | Undisclosed | |
| Secondary | Undisclosed | Undisclosed | Undisclosed | |
| Venture round | $1.5M | Undisclosed | 2B Global Capital, Venture Garage | |
| Secondary | $10M | Undisclosed | Undisclosed | |
| Series D | Undisclosed | Undisclosed | RIT Capital Partners, Meros Equity Global Management | |
| Secondary | Undisclosed | Undisclosed | Undisclosed | |
| Venture round | $300K | Undisclosed | Undisclosed | |
| Secondary | Undisclosed | Undisclosed | Undisclosed | |
| Secondary | Undisclosed | Undisclosed | Undisclosed | |
| Equity crowdfunding | $13.5M | $4.01B | Undisclosed | |
| Series C | $100M | $4B | Undisclosed | |
| Series B | Undisclosed | Undisclosed | Undisclosed | |
| Series B | Undisclosed | Undisclosed | SBI Investment | |
| Series A | $250K | Undisclosed | Undisclosed | |
| Series A | $5M | Undisclosed | Hummingbird Ventures |
Kraken competitors
The crypto exchange market divides between institutional reliability and high-speed retail derivatives.
| Company | Revenue | Valuation |
|---|---|---|
| $1.04B–$6.46B | $18B–$28.1B | |
| $17.2B–$55.2B | $10.1B–$79.7B | |
| $3.47B–$5.15B | $25.6B–$87.7B | |
| $1.05B–$2.93B | $19.9B–$33.6B | |
| $260M–$1.6B | $1B–$6.11B |
Kraken revenue and valuation FAQ
What is Kraken's revenue?
Specter estimates Kraken's annual revenue at $1.04B to $6.46B as of October 2026. Kraken last reported $2.2B revenue in December 2025, up from $1.65B in June 2025.
What is Kraken's valuation?
Kraken's latest post-money valuation is $21B, from a September 2026 Series E. Specter's live estimate is $18B to $28.1B.
What is Kraken's revenue multiple?
Kraken is valued at about 9.5× revenue, based on its $21B September 2026 valuation and $2.2B last reported revenue. That works out to roughly $1.85M of revenue per employee.
How much funding has Kraken raised?
$1.53B across 21 rounds, from a $5M Series A in March 2014 to a $100M Series E in September 2026.
Who invested in Kraken?
69 investors, including Citadel Securities, DRW Venture Capital, HSG, Jane Street Capital, Nasdaq Ventures and Oppenheimer & Co.
Who are Kraken's competitors?
Binance, Coinbase, OKX and Bybit. Specter ranks 30 competitors for Kraken.