PRIVATE MARKET UPDATE
Kalshi, founded in 2018, is a New York, NY-based exchange dedicated to trading event contracts. It operates as a designated contract market overseen by the Commodity Futures Trading Commission. Its contracts cover weather, international affairs, politics and entertainment awards. According to Bloomberg, sports-related contracts have been the exchange's primary driver of activity. Kalshi charges a transaction fee on contracts and aims to let people capitalize on their opinions and hedge everyday risks.
The company has raised capital from prominent investors including Sequoia Capital, Andreessen Horowitz, Paradigm, Wellington Management and Coatue Management. In September 2026, Bloomberg reported that Kalshi was in final negotiations on a financing round intended to position it for an initial public offering (IPO) as early as 2027. However, despite these reports, the company has not publicly endorsed a plan to participate in an IPO. Publicly traded competitors include CME Group (CME), Robinhood Markets (HOOD) and DraftKings (DKNG).
These comments should not be interpreted to mean that the company is formally pursuing or foregoing an IPO.
| Funding Date | Round | Amount Raised | Price per Share | Post-Money Valuation 3 | Key Investors | |
|---|---|---|---|---|---|---|
| 10/29/2026 | Series G | $1B | $1,066.38 | $40B | Andreessen Horowitz, Baillie Gifford, Balyasny Asset Management, CapitalG, Coatue Management, Hudson River Trading, Morgan Stanley Investment Management, Stripes Group Llc | |
|
Price per Share
$ xx.xx
Shares Outstanding
937,752
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
6.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Andreessen Horowitz, Baillie Gifford, Balyasny Asset Management, CapitalG, Coatue Management, Hudson River Trading, Morgan Stanley Investment Management, Stripes Group Llc
|
||||||
| 05/07/2026 | Series F | $1.12B | $604.86 | $22.12B | Andreessen Horowitz, Ark Investments, Coatue Management, Ivp, Morgan Stanley Investment Management, Paradigm Ventures, Sequoia Capital | |
|
Price per Share
$ xx.xx
Shares Outstanding
1,851,678
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
6.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Andreessen Horowitz, Ark Investments, Coatue Management, Ivp, Morgan Stanley Investment Management, Paradigm Ventures, Sequoia Capital
|
||||||
| 11/20/2025 | Series E | $1B | $320.76 | $11B | Alpha Partners, Andreessen Horowitz, Anthos Capital, Ark Investments, Bridgespan VC, CapitalG, Hanwha Impact Partners, Integra Groupe, Interplay Ventures, Ivp, Meritech Capital Partners, Morrison Seger, Neo, Paradigm Ventures, Pari Passu Venture Partners, Realm Capital Ventures, Sequoia Capital, V11, Y Combinator | |
|
Price per Share
$ xx.xx
Shares Outstanding
3,117,539
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
6.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Alpha Partners, Andreessen Horowitz, Anthos Capital, Ark Investments, Bridgespan VC, CapitalG, Hanwha Impact Partners, Integra Groupe, Interplay Ventures, Ivp, Meritech Capital Partners, Morrison Seger, Neo, Paradigm Ventures, Pari Passu Venture Partners, Realm Capital Ventures, Sequoia Capital, V11, Y Combinator
|
||||||
| 10/10/2025 | Series D | $300M | $162.02 | $5B | Andreessen Horowitz, Blanck Capital, CapitalG, Coinbase Ventures, General Catalyst, Paradigm Ventures, Sequoia Capital, Spark Growth Ventures | |
|
Price per Share
$ xx.xx
Shares Outstanding
1,851,646
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
6.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Andreessen Horowitz, Blanck Capital, CapitalG, Coinbase Ventures, General Catalyst, Paradigm Ventures, Sequoia Capital, Spark Growth Ventures
|
||||||
| 06/25/2025 | Series C | $125M | $44.96 | $2B | Bond Ventures, Multicoin Capital, Neo, Paradigm Ventures, Peng Zhao, Sequoia Capital | |
|
Price per Share
$ xx.xx
Shares Outstanding
2,780,203
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
6.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Bond Ventures, Multicoin Capital, Neo, Paradigm Ventures, Peng Zhao, Sequoia Capital
|
||||||
| 11/03/2021 | Series B | $70M | $33.01 | $749.83M | Undisclosed Investors | |
|
Price per Share
$ xx.xx
Shares Outstanding
2,120,875
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
6.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Undisclosed Investors
|
||||||
| 02/17/2021 | Series A | $30M | $5.82 | $144.88M | Charles Schwab, Henry Kravis, Human Ventures, Liyuan Venture Capital, Mantis Ventures, Neo, Night Capital, Sequoia Capital, Sv Angel, Y Combinator | |
|
Price per Share
$ xx.xx
Shares Outstanding
5,157,856
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
6.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Charles Schwab, Henry Kravis, Human Ventures, Liyuan Venture Capital, Mantis Ventures, Neo, Night Capital, Sequoia Capital, Sv Angel, Y Combinator
|
||||||
| 03/04/2020 | Series Seed | $3.5M | $2.51 | $40.28M | ESAS Ventures, Global Founders Capital, Neo, Sgh Capital, Soma Capital | |
|
Price per Share
$ xx.xx
Shares Outstanding
1,391,954
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
6.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
ESAS Ventures, Global Founders Capital, Neo, Sgh Capital, Soma Capital
|
||||||
| 03/04/2020 | Series Seed-2 | $424,998.76 | $1.48 | $40.28M | ESAS Ventures, Global Founders Capital, Neo, Sgh Capital, Soma Capital | |
|
Price per Share
$ xx.xx
Shares Outstanding
287,338
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
6.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
ESAS Ventures, Global Founders Capital, Neo, Sgh Capital, Soma Capital
|
||||||
| 03/04/2020 | Series Seed-1 | $2.02M | $0.87 | $40.28M | ESAS Ventures, Global Founders Capital, Neo, Sgh Capital, Soma Capital | |
|
Price per Share
$ xx.xx
Shares Outstanding
2,321,686
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
6.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
ESAS Ventures, Global Founders Capital, Neo, Sgh Capital, Soma Capital
|
||||||
| 03/06/2019 | Series Seed-3 | $150,000.30 | $0.19 | $750,001.51 | Y Combinator | |
|
Price per Share
$ xx.xx
Shares Outstanding
804,550
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
6.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Y Combinator
|
||||||
Will the Yankees win the American League this year? What will the highest temperature be in New York City today? Will the U.S. confirm that aliens exist by a given date? These are all things you can put money behind on Kalshi, a prediction market where users can buy Yes or No positions on whether an outcome will happen, with prices varying based on market sentiment.
See which private companies are preparing for the public market. Register to get full access to the latest secondary market pricing data.
| Trade Metrics | Last Funding Round | |||||||
|---|---|---|---|---|---|---|---|---|
| Company | Forge Price | Last Matched | Round | Post-Money Valuation 3 | Price Per Share | Amount Raised | ||
 | Kraken | $28.58 -$3.94 (12.12%) | $ xx.xx | Series E | $21B | $61.47 | $100M | |
 | DriveWealth | Not available | $ xx.xx | Series D-1 | $2.85B | $25.18 | $449.89M | |
 | FalconX | Not available | $ xx.xx | Not available | -- | -- | -- | |
 | Lendbuzz | Not available | $ xx.xx | Series D-1A | $1.07B | $16.65 | $1.53M | |
 | Razorpay | Not available | $ xx.xx | Not available | -- | -- | -- | |
 | Blockchain.com | Not available | $ xx.xx | Not available | -- | -- | -- | |
 | Chia | Not available | $ xx.xx | Series D | $458.07M | $21.21 | $61M | |
Track trading activity and investor momentum across thousands of private companies. Register to view last matched prices and additional transactional details.
| Company | Forge Price (6M Change) | Market Activity | Last Matched | |
|---|---|---|---|---|
 |
DataRobot | $4.21 +$3.49 (484.72%) | Limited | $xxx.xx |
 |
SambaNova Systems | $75.32 +$56.27 (295.38%) | High | $xxx.xx |
 |
Stoke Space | $119.38 +$69.46 (139.14%) | Low | $xxx.xx |
 |
Zipline | $125.60 +$72.81 (137.92%) | High | $xxx.xx |
 |
Tensordyne | $33.96 +$19.46 (134.21%) | High | $xxx.xx |
| Company | Forge Price | Market Activity | Last Matched | |
|---|---|---|---|---|
 |
OpenAI | Not available | High | $xxx.xx |
 |
Anthropic | Not available | Medium | $xxx.xx |
 |
Databricks | $288.40 +$92.09 (46.91%) | High | $xxx.xx |
 |
Anduril | $140.00 +$27.44 (24.38%) | High | $xxx.xx |
 |
Cohere | Not available | Limited | $xxx.xx |
Updated on: Oct 30, 2026
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$970.53