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Companies

Kalshi

Regulated exchange for trading event contracts

Raised to date

$1.31B

of $1.58B offered across 4 Form D filings

Still open
$274.7M
Investors
31
Last filed
Dec 4, 2025

About

Kalshi Inc. operates a financial exchange regulated by the U.S. Commodity Futures Trading Commission (CFTC). The platform allows users to trade event contracts, which are financial instruments based on the outcomes of real-world events across categories like economics, politics, weather, and culture.

Kalshi is distinguished as the first federally regulated U.S. exchange dedicated to a broad range of event contracts, providing a legal and structured environment for hedging and speculation that contrasts with unregulated offshore markets.

Funding

$1B round, first sold Nov 2025$820.8M sold$179.2M still open20222024
Now
  • EquityFiled Dec 4, 2025Form D
    $820.8M/ $1B
  • EquityFiled Nov 6, 2025Form D
    $70M/ $70M
  • EquityFiled Oct 30, 2025Form D
    $125M/ $125M
  • EquityFiled Oct 23, 2025Form D
    $294.5M/ $390M

Product

Kalshi Event-Contract Exchange

Event Contract Exchange

The primary offering is an online trading platform where users buy and sell 'yes' or 'no' contracts on the outcomes of specific future events. The prices of these contracts, ranging from 0 to 100 cents, represent the market-implied probability of an event occurring, settling at 100 if the event happens and 0 if it does not.

  • Macroeconomic and financial markets (e.g., inflation rates, GDP growth)
  • Politics and policy markets (e.g., election outcomes, legislative passage)
  • Weather and climate markets

Built for

The platform targets both retail traders and individual investors seeking to make small, discrete trades on specific outcomes, as well as institutional participants like hedge funds and proprietary trading firms looking for alternative trading instruments.

People on file