Funding round
Kalshi Series D
Kalshi, which works in event contract trading services in New York, raised $300M in a Series D round announced on 10 Oct 2025, led by Andreessen Horowitz and Sequoia Capital, at a $5.00B post-money valuation. 7 firms took part. It is Kalshi's third venture round on record; the one before was a Series C in Jun 2025.
$300M
Amount raised
$5.00B
Post-money valuation
$4.70B pre-money
7
Investors
2 leads
2.5x
Step-up from the Series C
$2.00B in Jun 2025
6.0%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Kalshi at $5.00B after the new money, 2.5 times the $2.00B of its Series C (Jun 2025). The $300M bought investors about 6.0% of the company. It came 4 months after Kalshi's Series C. It is 12% of the $2.52B Kalshi has raised in the venture rounds on record. Kalshi raised again 2 months later: a Series E round of $1.00B in Dec 2025, at $11.00B post-money.
Kalshi's funding rounds
Kalshi has 5 venture rounds on record. This one is highlighted.
- Series A 17 Feb 2021, led by Sequoia Capital $30M
- Series C 25 Jun 2025, led by Paradigm $185M$2.00B post-money
- Series D this round 10 Oct 2025, led by Andreessen Horowitz and Sequoia Capital $300M$5.00B post-money
- Series E 2 Dec 2025, led by Paradigm $1.00B$11.00B post-money
- Series F 7 May 2026, led by Coatue $1.00B$22.00B post-money
Investors
Who put money in
Andreessen Horowitz and Sequoia Capital led the round with 5 other firms.
Lead investors
- Andreessen Horowitz backs 722 venture-backed companies new investor
- Sequoia Capital backs 589 venture-backed companies new investor
Also in the round
- Paradigm backs 82 venture-backed companies new investor
- Coinbase Ventures new investor
- General Catalyst backs 574 venture-backed companies new investor
- Spark Capital backs 234 venture-backed companies new investor
- CapitalG backs 70 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to geographic expansion and scaling operations.
- Geographic expansion
- Scaling operations
Comparable rounds
How it compares
5 Series D rounds in Financial Services within a year either side disclosed an amount; the median was $150M, and this round was 2.0 times the median. The closest in time, other companies' Series D rounds in Financial Services:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Imprint Financial Services | 18 Dec 2025 | $150M | $1.20B | Khosla Ventures |
| Alpaca Financial Services | 14 Jan 2026 | $150M | $1.15B | Drive Capital |
| Stream Financial Services | 20 Jan 2026 | $90M | not disclosed | Sofina |
| Financial Services | 2 Dec 2024 | $135M | not disclosed | Accel |
| Neo Financial Financial Services | 12 Nov 2024 | $258M | not disclosed | not named |
Sources
Where this comes from
Reported by 2 sources.
Questions
Frequently asked
How much did Kalshi raise in its Series D round?
Kalshi raised $300M in its Series D round, announced in Oct 2025.
Who led Kalshi's Series D round?
Andreessen Horowitz and Sequoia Capital led it, with Paradigm, Coinbase Ventures, General Catalyst, Spark Capital and CapitalG.
What was Kalshi's valuation at the Series D round?
$5.00B post-money ($4.70B pre-money).
How does it compare with other Series D rounds in Financial Services?
5 Series D rounds in Financial Services within a year either side disclosed an amount; the median was $150M, and this round was 2.0 times the median.
Did Kalshi raise again after this round?
Yes: a Series E round in Dec 2025 of $1.00B at $11.00B post-money.