Sacra: Kalshi Analysis

--> Kalshi revenue, valuation & funding | Sacra Your Feed Workspace Charts Highlights Questions API --> Explore Companies Categories Reports Community Ask a question Get access to all our reports for $50/mo Read about the latest in the private markets and join a growing community. Valuation Model Expert Interviews Founders, funding Get Access Home &nbsp>&nbsp Companies &nbsp>&nbsp Kalshi Kalshi Follow Marketplace for trading on the outcomes of real-world events #prediction-markets Revenue $260.00M 2025 Valuation $11.00B 2025 Funding $1.71B 2025 Growth Rate (y/y) 1,221% 2024 View PDF Embed PDF View Model Details Headquarters New York, NY CEO Tarek Mansour Website kalshi.com Milestones FOUNDING YEAR 2018 Listed In #prediction-markets Overview Reports Filings Highlight Unhighlight Revenue Sacra estimates that Kalshi generated $260M in revenue in 2025, up 994% year-over-year from $24M in 2024. The company processed $22.88B in trading volume in 2025, with fees representing ~1.2% of total volume. Sports accounted for 89% of Kalshi's 2025 fee revenue at $235M, with the sports share exceeding 90% in the final four months of the year. The company's explosive growth was driven by NFL season, with September-November generating $138M in sports fee revenue alone. December 2025 was Kalshi's strongest month with $63.5M in fee revenue, and the final week of the year hit $20M—more than the first four months of 2025 combined. Kalshi 's market share in U.S. sports betting grew from roughly 1.5% for 2025 overall to nearly 3% during September-November, positioning it approximately seventh among U.S. sports betting operators behind FanDuel, DraftKings, BetMGM, Fanatics , Caesars, and Bet365. Parlays, launched in September 2025, generated $947.8M in volume but only $3.7M in fees—about 2% of Q4 fee revenue compared to over 50% of revenue for traditional sportsbooks in states that report parlay data separately. In November 2025, Kalshi told investors that trading volume grew sixfold over the last six months and that the company is on an annualized pace for between $600 million and $700 million in net revenue. Valuation & Funding In November 2025, Kalshi raised $1 billion at an $11 billion valuation, in a round led by returning investors Sequoia and CapitalG. In October 2025, Kalshi closed a $300 million Series D at a $5 billion valuation. Across equity and debt, Kalshi ’s total funding now stands at approximately $1.706 billion, comprised of $1.406 billion in equity through seed, Series A and extensions plus the $300 million Series D, and $300 million in debt financing in late 2024. Investors include Sequoia, CapitalG, Andreessen Horowitz, Paradigm, Anthos Capital, and Neo . Product Kalshi operates a regulated prediction market exchange where users bet on future outcomes through binary Yes/No contracts. These contracts are priced between $0.01 and $0.99, with the price reflecting the market's perceived probability of an event occurring. A correct prediction pays out $1 p

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