Kalshi · The company
Kalshi stock, valuation and owners
Whether you can buy Kalshi shares, what investors have valued it at, who owns and runs it, and how it makes money. Every figure is footnoted; none of it is investment advice.
The short answer
Kalshi is a private company, so there is no Kalshi stock to buy on an exchange. Its October 2026 round valued it at $40 billion.1 It was founded in 2018 by Tarek Mansour and Luana Lopes Lara, and Tarek Mansour is CEO.2,3
Is Kalshi publicly traded?
No. Kalshi’s shares are not listed on any stock exchange, so it has no ticker symbol and no public share price. It raises money privately from investors. A Form D it filed with the SEC in August 2026 showed about $1.12 billion of equity sold in a private offering since April 2026.4
Valuation and funding
Kalshi’s valuation rose eightfold between October 2025 and October 2026, from $5 billion to $40 billion. These are prices private investors paid in funding rounds, not a market price, and a reported round may not have closed on the terms described.
| Date | Round | Amount | Valuation | Led by | Status |
|---|---|---|---|---|---|
| Oct. 29, 2026 | October 2026 round1 | $1 billion | $40 billion | Sequoia Capital and Wellington Management | Announced by the company |
| May 2026 | Series F4 | $1 billion | $22 billion | Coatue | Reported |
| Dec. 2, 2025 | Series E2 | $1 billion | $11 billion | Paradigm | Announced by the company |
| October 2025 | Series D5 | $300 million | $5 billion | Not reported | Reported |
Kalshi’s annualized revenue passed $2 billion in June 2026, according to The Information.5
Who owns Kalshi
Kalshi has not published who holds what share of the company. It was founded in 2018 by Tarek Mansour and Luana Lopes Lara, both MIT graduates;2,3 Tarek Mansour is CEO.2 In December 2025 Forbes called Lopes Lara the world’s youngest self-made woman billionaire.3 Investors named in its rounds include Andreessen Horowitz, Anthos Capital, ARK Invest, CapitalG, Coatue, IVP, Meritech Capital, Morgan Stanley, Paradigm, Sequoia Capital, Wellington Management and Y Combinator.1,2,4
How Kalshi makes money
Prediction market exchanges match users with each other and charge a fee, rather than taking the other side of each bet as a sportsbook does.6 Kalshi says it does not profit when its customers lose.7
Kalshi’s standard taker fee, charged when an order matches one already waiting on the book, is 0.07 × contracts × price × (1 − price), rounded up.8 That makes the fee largest on contracts priced near 50 cents and smallest near 1 cent or 99 cents. Makers, whose orders wait on the book, pay 0.0175 on the same formula, but only in the markets the schedule lists.8 There is no settlement fee and no charge for ACH transfers; debit card deposits can cost up to 2%.8
| Price per contract | Cost of 100 contracts | Taker fee, about |
|---|---|---|
| 10¢ | $10.00 | $0.63 |
| 50¢ | $50.00 | $1.75 |
| 90¢ | $90.00 | $0.63 |
Worked from the published formula at the standard rate, before any rebates or rounding. Some markets use a different rate; check the fee schedule before trading.
Kalshi also lists combos, which bundle several outcomes into one contract the way a parlay does; its fee schedule prices them separately.8
IPO plans
Kalshi has not set a date to go public. In June 2026, CEO Tarek Mansour confirmed the company was considering an IPO but said it would not take place that year.5 After the October 2026 round he told CNBC that for a company with Kalshi’s financial profile and growth, “that sort of conversation has to happen.”1 We will update this page if Kalshi files to list.
How it is regulated
The company’s exchange, KalshiEX LLC, has been a CFTC-designated contract market since November 2020.9 The record on regulation, account checks and lawsuits is on is Kalshi legit?, and where it is blocked is on is Kalshi legal?
Questions
- Can I buy Kalshi stock?
- No. Kalshi is a private company and its shares are not listed on any stock exchange, so there is no Kalshi stock or ticker symbol to buy. It raises money from private investors.
- Is Kalshi publicly traded?
- No. Kalshi is privately held. In August 2026 it filed a Form D with the SEC for a private equity offering.
- What is Kalshi's valuation?
- $40 billion, from its October 2026 round. That is the price private investors paid, not a market quote.
- Who owns Kalshi?
- Kalshi has not published its ownership breakdown. It was founded by Tarek Mansour and Luana Lopes Lara, and its outside investors include Andreessen Horowitz, Anthos Capital, ARK Invest, CapitalG, Coatue, IVP, Meritech Capital and Morgan Stanley.
- Who is the CEO of Kalshi?
- Tarek Mansour, who co-founded the company.
- How does Kalshi make money?
- From trading fees. Kalshi's standard taker fee is 0.07 × contracts × price × (1 − price), rounded up, so it is largest on contracts priced near 50 cents. Kalshi says it does not profit when its customers lose.
- When will Kalshi IPO?
- Kalshi has not set an IPO date. In June 2026 CEO Tarek Mansour said an IPO would not happen that year; after the October 2026 round he said the conversation has to happen.
- Can you parlay on Kalshi?
- Kalshi offers combos, contracts that bundle several outcomes into one, which work like a parlay. Its fee schedule prices them separately.
Company facts checked Nov. 7, 2026. Not investment, legal or tax advice. Spotted a change? Email contact@predictionmarketlaws.com.
Sources
- Covers (Oct. 29, 2026)
- Kalshi press release, Business Wire (Dec. 2, 2025)
- MIT News, In the Media: Forbes on Kalshi's cofounders (Dec. 3, 2025)
- The Block (Aug. 26, 2026)
- The Block (June 24, 2026)
- The New York Times (republished by West Hawaii Today, Oct. 6, 2025)
- Kalshi, About Kalshi (docs)
- Kalshi fee schedule (effective July 7, 2026)
- CFTC Release 8302-20