Who invested in Kalshi

9 rounds we have observed, with the 29 investors named in them. Every figure came from a named source, and where the company reported a raise to the SEC itself, that is shown beside it.

Financial ServicesFintechWeb3 & Crypto

Raised this monthValuation: $2.0B, Mar 2026Y Combinator: W19

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Funding summaryUpdated 5 Nov 2026

$3.7Braised across 9 rounds since 2024, from 47 sources

$1.0BSeries E$1.0BSeries F$1.0BSeries G

Latest round: Series G, $1.0BOct 2026
Led by: Sequoia Capital and Wellington Management
Step-upi: 33.3×
Investors: 29 (8 led)

See who backed them

The funding story

Each circle is a round, placed by date and sized by amount. The line above is the running total.

20252026

?Debt$185MSeries C$300MSeries D$1.0BSeries E?Venture$1.0BSeries F$200MRound$30MVenture$1.0BSeries G

First round: Debt
Biggest round: $1.0B
Usual gap between rounds: 2 months

The rounds

Oct 2026
Series G$1.0B7 new7 returning
Reported by https://ascendants.in/ and 23 othersSEC filing: $1.1B sold
Jul 2026
Venture$30M5 returning
Source recordedSEC filing: $1.1B sold
May 2026
Round$200M2 new
- Baillie GiffordLead
- Layer GlobalLead
Reported by VentureburnSEC filing: $1.1B sold
Mar 2026
Series F$1.0B2 new5 returning
Reported by TechCrunch and 2 othersSEC filing: $1.1B sold, first sale Nov 2025
Feb 2026
VentureAmount undisclosed5 returning
Source recordedSEC filing: $821M sold, first sale Nov 2025
Nov 2025
Series E$1.0B6 new5 returning
Reported by Conductive Ventures and 7 othersSEC filing: $821M sold, first sale Nov 2025
Oct 2025
Series D$300M5 new2 returning
Reported by TechCrunch and 3 othersSEC filing: $295M sold, first sale Oct 2025
Jun 2025
Series C$185M5 new1 returning
Reported by TechCrunch and 3 othersSEC filing: $295M sold, first sale Oct 2025
Oct 2024
Debttens of millions2 new
- Neo
- Ali Partovi
Reported by TechCrunch

Funding filed with regulators

Kalshi filed 7 raises, $2.5B in all. Filings say how much was sold and to how many investors; they never name the investors.

Aug 2026$1.1B71 investorsof $1.5B offeredSEC Form D
Nov 2025$821M31 investorsof $1000M offeredSEC Form D
Oct 2025$295M20 investorsof $390M offeredSEC Form D
Jun 2025$125M14 investorsSEC Form D
Nov 2021$70M14 investorsSEC Form D
Dec 2020$30M10 investorsequitySEC Form D
Mar 2020$6.1M28 investorsequitySEC Form D

Who was in which round

The busiest backers across the latest rounds. A filled square is a round they joined; a dark one, a round they led.

Series C2025Series D2025Series E2025Venture2026Series F2026Round2026Venture2026Series G2026

Everyone who backed them

Sequoia CapitalVC firm7rounds, led 3

ParadigmVC firm6rounds, led 2

Andreessen HorowitzVC firm6rounds, led 1

CoatueVC firm3rounds, led 1

CapitalGCorporate VC3rounds, led 1

General CatalystVC firm3rounds

NeoAccelerator3rounds

IVPVC firm3rounds

Baillie GiffordAsset manager2rounds, led 1

Layer GlobalVC firm2rounds, led 1

Morgan Stanley Investment ManagementPrivate equity2rounds

• Ark InvestGrowth equity2rounds

Wellington ManagementVC firm1round, led 1

Y CombinatorAccelerator1round

Tiger Global ManagementVC firm1round

Spark CapitalVC firm1round

Coinbase VenturesCorporate VC1round

Meritech Capital PartnersVC firm1round

Multicoin CapitalVC firm1round

Ali PartoviVC firm1round

StripesPrivate equity1round

Dragoneer InvestmentPrivate equity1round

Anthos CapitalVC firm1round

Balyasny Asset Management L.p.Private equity1round

Hudson River TradingGrowth equity1round

Bond CapitalHedge fund1round

G CapitalFamily office1round

Peng ZhaoGrowth equity1round

Sequoia Global EquitiesInvestment firm1round

Missing a round, or an investor who was in one? Tell us.

Also claim to have backed them

These 25 firms list Kalshi as a portfolio company on their own websites, but no report of a round names them. They are the firms' own claims, kept apart from the rounds above.

A16z CryptoVC firmPer its own site

VentureSouqVC firmSeed, per its site

SGH CAPITALVC firmPer its own site

PathlightVC firmPer its own site

InterplayFamily officePer its own site

Justin MateenVC firmPer its own site

Night CapitalVC firmPer its own site

Human CapitalVC firmPer its own site

BAM ElevatePrivate equityPer its own site

Manhattan WestFamily officePer its own site

Formus CapitalVC firmPer its own site

J17 VenturesVC firmPer its own site

Todd DagresVC firmPer its own site

Dark Pool CapitalGrowth equityPer its own site

Everybody VenturesVC firmPer its own site

Integra GroupeVC firmPer its own site

LFG Capital Management LLCInvestorPer its own site

LFG HoldingsVC firmPer its own site

Mech VenturesVC firmPer its own site

Nexus Bay CapitalFund of fundsPer its own site

ODC VenturesFamily officePer its own site

Raido CapitalVC firmPer its own site

Realm Capital VenturesVC firmPer its own site

Scoop VenturesVC firmPer its own site

Seagate VenturesFamily officePer its own site

Quick answers about Kalshi

Who invested in Kalshi?

Kalshi's investors include Sequoia Capital, Paradigm, Andreessen Horowitz, Coatue and CapitalG, and 24 more on record. Sequoia Capital led its latest round.

How much has Kalshi raised?

Kalshi has raised $3.7B across 9 rounds since 2024. 2 rounds did not disclose an amount, so the total is a floor.

When did Kalshi last raise?

Kalshi's most recent round was a Series G of $1.0B in Oct 2026, led by Sequoia Capital.

What was Kalshi's biggest round?

Its most recent round, $1.0B in Oct 2026, is also its largest on record.

Who backed Kalshi first?

Kalshi's first round on record, in Oct 2024, was backed by Neo and Ali Partovi.

What stage is Kalshi at?

Kalshi's latest named round is a Series G, in Oct 2026.

Where is Kalshi based?

Kalshi is based in the United States.

Who led Kalshi's rounds?

Paradigm led the Series C in 2025; Sequoia Capital led the Series D in 2025; Coatue led the Series F in 2026; Baillie Gifford led the Undisclosed round in 2026.