Funding round
Kalshi Series E
Kalshi, which works in event contract trading services in New York, raised $1.00B in a Series E round announced on 2 Dec 2025, led by Paradigm, at a $11.00B post-money valuation. 9 firms took part, 1 of them already investors. It is Kalshi's fourth venture round on record; the one before was a Series D in Oct 2025.
$1.00B
Amount raised
$11.00B
Post-money valuation
$10.00B pre-money
9
Investors
1 lead
2.2x
Step-up from the Series D
$5.00B in Oct 2025
9.1%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Kalshi at $11.00B after the new money, 2.2 times the $5.00B of its Series D (Oct 2025). The $1.00B bought investors about 9.1% of the company. It came 2 months after Kalshi's Series D. It is 40% of the $2.52B Kalshi has raised in the venture rounds on record. Kalshi raised again 5 months later: a Series F round of $1.00B in May 2026, at $22.00B 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 10 Oct 2025, led by Andreessen Horowitz and Sequoia Capital $300M$5.00B post-money
- Series E this round 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
Paradigm led the round with 8 other firms. Paradigm had backed Kalshi before.
Lead investor
- Paradigm backs 82 venture-backed companies existing investor
Also in the round
- Sequoia Capital backs 589 venture-backed companies new investor
- Andreessen Horowitz backs 722 venture-backed companies new investor
- Meritech Capital backs 84 venture-backed companies new investor
- Institutional Venture Partners backs 109 venture-backed companies new investor
- ARK Invest backs 29 venture-backed companies new investor
- backs 44 venture-backed companies new investor
- CapitalG backs 70 venture-backed companies new investor
- Y Combinator backs 1,295 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
The closest in time: Series E rounds in any sector within 6 months:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Harness Tech Companies | 11 Dec 2025 | $240M | $5.50B | Goldman Sachs |
| ICEYE Aerospace and Defence | 5 Dec 2025 | $175M | $2.80B | General Catalyst |
| Tech Companies | 6 Jan 2026 | $20.00B | not disclosed | not named |
| Lambda Tech Companies | 18 Nov 2025 | $1.50B | not disclosed | TWG Global |
| Redwood Materials Batteries | 28 Jan 2026 | $425M | $6.00B | GV and Eclipse |
| Baseten Software Development Services | 23 Jan 2026 | $300M | $5.00B | Institutional Venture Partners and CapitalG |
| Tech Companies | 20 Jan 2026 | $204M | $4.25B | Technology Crossover Ventures and Blackstone |
| Aerospace and Defence | 20 Jan 2026 | $145M | $1.00B | National Reconstruction Fund Corporation and Hostplus |
Sources
Where this comes from
Reported by 5 sources.
Questions
Frequently asked
How much did Kalshi raise in its Series E round?
Kalshi raised $1.00B in its Series E round, announced in Dec 2025.
Who led Kalshi's Series E round?
Paradigm led it, with Sequoia Capital, Andreessen Horowitz, Meritech Capital, Institutional Venture Partners and ARK Invest and 3 more.
What was Kalshi's valuation at the Series E round?
$11.00B post-money ($10.00B pre-money).
Did Kalshi raise again after this round?
Yes: a Series F round in May 2026 of $1.00B at $22.00B post-money.