# Kalshi funding: rounds and investors > Kalshi has raised $3.7B across 9 rounds since 2024. Investors include Sequoia Capital, Paradigm and Andreessen Horowitz. Every round with its source. Source: https://millionrounds.com/company/kalshi (Millionrounds; every figure on the page links to its filing or article) United States · [Series G startup](https://millionrounds.com/companies) # 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 Services Fintech Web3 & Crypto Raised this month Valuation: $2.0B, Mar 2026 Y Combinator: W19 Follow Kalshi and see its new rounds in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Fcompany%2Fkalshi) Funding summary Updated 5 Nov 2026 **$3.7B** raised across 9 rounds since 2024, from 47 sources **$1.0B** Series E **$1.0B** Series F **$1.0B** Series G - **Latest round:** Series G, $1.0B Oct 2026 - **Led by:** Sequoia Capital and Wellington Management - **Step-up i:** 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. 2025 2026 **?** Debt **$185M** Series C **$300M** Series D **$1.0B** Series E **?** Venture **$1.0B** Series F **$200M** Round **$30M** Venture **$1.0B** Series G - **First round:** Debt - **Biggest round:** $1.0B - **Usual gap between rounds:** 2 months ## The rounds - **Oct 2026** Series G **$1.0B** *7 new* *7 returning* [Sequoia Capital](https://millionrounds.com/fund/sequoia-capital) Lead [Wellington Management](https://millionrounds.com/fund/wellington-management) Lead [Andreessen Horowitz](https://millionrounds.com/fund/andreessen-horowitz) [Tiger Global Management](https://millionrounds.com/fund/tiger-global-management) [Coatue](https://millionrounds.com/fund/coatue-management) [Morgan Stanley Investment Management](https://millionrounds.com/fund/morgan-stanley-investment-management) [Baillie Gifford](https://millionrounds.com/fund/baillie-gifford) [CapitalG](https://millionrounds.com/fund/capitalg) [Stripes](https://millionrounds.com/fund/stripes) [Dragoneer Investment](https://millionrounds.com/fund/dragoneer-investment-group) [Balyasny Asset Management L.p.](https://millionrounds.com/fund/balyasny-asset-management-2) [Hudson River Trading](https://millionrounds.com/fund/hudson-river-trading) [Layer Global](https://millionrounds.com/fund/layer-global) [Sequoia Global Equities](https://millionrounds.com/fund/sequoia-global-equities) Reported by https://ascendants.in/ and 23 others SEC filing: $1.1B sold - **Jul 2026** Venture **$30M** *5 returning* [Sequoia Capital](https://millionrounds.com/fund/sequoia-capital) [Andreessen Horowitz](https://millionrounds.com/fund/andreessen-horowitz) [General Catalyst](https://millionrounds.com/fund/general-catalyst) [Coatue](https://millionrounds.com/fund/coatue-management) [Paradigm](https://millionrounds.com/fund/paradigm) Source recorded SEC filing: $1.1B sold - **May 2026** Round **$200M** *2 new* [Baillie Gifford](https://millionrounds.com/fund/baillie-gifford) Lead [Layer Global](https://millionrounds.com/fund/layer-global) Lead Reported by Ventureburn SEC filing: $1.1B sold - **Mar 2026** Series F **$1.0B** *2 new* *5 returning* [Coatue](https://millionrounds.com/fund/coatue-management) Lead [Sequoia Capital](https://millionrounds.com/fund/sequoia-capital) [Andreessen Horowitz](https://millionrounds.com/fund/andreessen-horowitz) [Morgan Stanley Investment Management](https://millionrounds.com/fund/morgan-stanley-investment-management) [IVP](https://millionrounds.com/fund/ivp) [Paradigm](https://millionrounds.com/fund/paradigm) [• Ark Invest](https://millionrounds.com/fund/ark-invest) Reported by TechCrunch and 2 others SEC filing: $1.1B sold, first sale Nov 2025 - **Feb 2026** Venture **Amount undisclosed** *5 returning* [Sequoia Capital](https://millionrounds.com/fund/sequoia-capital) [Andreessen Horowitz](https://millionrounds.com/fund/andreessen-horowitz) [General Catalyst](https://millionrounds.com/fund/general-catalyst) [IVP](https://millionrounds.com/fund/ivp) [Paradigm](https://millionrounds.com/fund/paradigm) Source recorded SEC filing: $821M sold, first sale Nov 2025 - **Nov 2025** Series E **$1.0B** *6 new* *5 returning* [Sequoia Capital](https://millionrounds.com/fund/sequoia-capital) Lead [Paradigm](https://millionrounds.com/fund/paradigm) Lead [CapitalG](https://millionrounds.com/fund/capitalg) Lead [Y Combinator](https://millionrounds.com/fund/y-combinator) [Andreessen Horowitz](https://millionrounds.com/fund/andreessen-horowitz) [Neo](https://millionrounds.com/fund/neo) [IVP](https://millionrounds.com/fund/ivp) [Meritech Capital Partners](https://millionrounds.com/fund/meritech-capital-partners) [• Ark Invest](https://millionrounds.com/fund/ark-invest) [Anthos Capital](https://millionrounds.com/fund/anthos-capital) [G Capital](https://millionrounds.com/fund/g-capital) Reported by Conductive Ventures and 7 others SEC filing: $821M sold, first sale Nov 2025 - **Oct 2025** Series D **$300M** *5 new* *2 returning* [Sequoia Capital](https://millionrounds.com/fund/sequoia-capital) Lead [Andreessen Horowitz](https://millionrounds.com/fund/andreessen-horowitz) Lead [General Catalyst](https://millionrounds.com/fund/general-catalyst) [Spark Capital](https://millionrounds.com/fund/spark-capital) [Coinbase Ventures](https://millionrounds.com/fund/coinbase) [Paradigm](https://millionrounds.com/fund/paradigm) [CapitalG](https://millionrounds.com/fund/capitalg) Reported by TechCrunch and 3 others SEC filing: $295M sold, first sale Oct 2025 - **Jun 2025** Series C **$185M** *5 new* *1 returning* [Paradigm](https://millionrounds.com/fund/paradigm) Lead [Sequoia Capital](https://millionrounds.com/fund/sequoia-capital) [Neo](https://millionrounds.com/fund/neo) [Multicoin Capital](https://millionrounds.com/fund/multicoin-capital) [Bond Capital](https://millionrounds.com/fund/bond-capital) [Peng Zhao](https://millionrounds.com/fund/peng-zhao) Reported by TechCrunch and 3 others SEC filing: $295M sold, first sale Oct 2025 - **Oct 2024** Debt **tens of millions** *2 new* [Neo](https://millionrounds.com/fund/neo) [Ali Partovi](https://millionrounds.com/fund/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 **$1.1B** 71 investors of $1.5B offered SEC Form D - Nov 2025 **$821M** 31 investors of $1000M offered SEC Form D - Oct 2025 **$295M** 20 investors of $390M offered SEC Form D - Jun 2025 **$125M** 14 investors SEC Form D - Nov 2021 **$70M** 14 investors SEC Form D - Dec 2020 **$30M** 10 investors equity SEC Form D - Mar 2020 **$6.1M** 28 investors equity SEC 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 C** 2025 **Series D** 2025 **Series E** 2025 **Venture** 2026 **Series F** 2026 **Round** 2026 **Venture** 2026 **Series G** 2026 [Sequoia Capital](https://millionrounds.com/fund/sequoia-capital) L L L [Paradigm](https://millionrounds.com/fund/paradigm) L L [Andreessen Horowitz](https://millionrounds.com/fund/andreessen-horowitz) L [Coatue](https://millionrounds.com/fund/coatue-management) L [CapitalG](https://millionrounds.com/fund/capitalg) L [General Catalyst](https://millionrounds.com/fund/general-catalyst) [Neo](https://millionrounds.com/fund/neo) [IVP](https://millionrounds.com/fund/ivp) [Baillie Gifford](https://millionrounds.com/fund/baillie-gifford) L [Layer Global](https://millionrounds.com/fund/layer-global) L ## Everyone who backed them [Sequoia Capital](https://millionrounds.com/fund/sequoia-capital) VC firm **7** rounds, led 3 [Paradigm](https://millionrounds.com/fund/paradigm) VC firm **6** rounds, led 2 [Andreessen Horowitz](https://millionrounds.com/fund/andreessen-horowitz) VC firm **6** rounds, led 1 [Coatue](https://millionrounds.com/fund/coatue-management) VC firm **3** rounds, led 1 [CapitalG](https://millionrounds.com/fund/capitalg) Corporate VC **3** rounds, led 1 [General Catalyst](https://millionrounds.com/fund/general-catalyst) VC firm **3** rounds [Neo](https://millionrounds.com/fund/neo) Accelerator **3** rounds [IVP](https://millionrounds.com/fund/ivp) VC firm **3** rounds [Baillie Gifford](https://millionrounds.com/fund/baillie-gifford) Asset manager **2** rounds, led 1 [Layer Global](https://millionrounds.com/fund/layer-global) VC firm **2** rounds, led 1 [Morgan Stanley Investment Management](https://millionrounds.com/fund/morgan-stanley-investment-management) Private equity **2** rounds [• Ark Invest](https://millionrounds.com/fund/ark-invest) Growth equity **2** rounds [Wellington Management](https://millionrounds.com/fund/wellington-management) VC firm **1** round, led 1 [Y Combinator](https://millionrounds.com/fund/y-combinator) Accelerator **1** round [Tiger Global Management](https://millionrounds.com/fund/tiger-global-management) VC firm **1** round [Spark Capital](https://millionrounds.com/fund/spark-capital) VC firm **1** round [Coinbase Ventures](https://millionrounds.com/fund/coinbase) Corporate VC **1** round [Meritech Capital Partners](https://millionrounds.com/fund/meritech-capital-partners) VC firm **1** round [Multicoin Capital](https://millionrounds.com/fund/multicoin-capital) VC firm **1** round [Ali Partovi](https://millionrounds.com/fund/ali-partovi) VC firm **1** round [Stripes](https://millionrounds.com/fund/stripes) Private equity **1** round [Dragoneer Investment](https://millionrounds.com/fund/dragoneer-investment-group) Private equity **1** round [Anthos Capital](https://millionrounds.com/fund/anthos-capital) VC firm **1** round [Balyasny Asset Management L.p.](https://millionrounds.com/fund/balyasny-asset-management-2) Private equity **1** round [Hudson River Trading](https://millionrounds.com/fund/hudson-river-trading) Growth equity **1** round [Bond Capital](https://millionrounds.com/fund/bond-capital) Hedge fund **1** round [G Capital](https://millionrounds.com/fund/g-capital) Family office **1** round [Peng Zhao](https://millionrounds.com/fund/peng-zhao) Growth equity **1** round [Sequoia Global Equities](https://millionrounds.com/fund/sequoia-global-equities) Investment firm **1** round Missing a round, or an investor who was in one? [Tell us](https://millionrounds.com/corrections?slug=kalshi). ## 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 Crypto](https://millionrounds.com/fund/a16z-crypto) VC firm Per its own site [VentureSouq](https://millionrounds.com/fund/venturesouq) VC firm Seed, per its site [SGH CAPITAL](https://millionrounds.com/fund/sgh-capital) VC firm Per its own site [Pathlight](https://millionrounds.com/fund/pathlight) VC firm Per its own site [Interplay](https://millionrounds.com/fund/interplay) Family office Per its own site [Justin Mateen](https://millionrounds.com/fund/justin-mateen) VC firm Per its own site [Night Capital](https://millionrounds.com/fund/night-capital) VC firm Per its own site [Human Capital](https://millionrounds.com/fund/human-capital) VC firm Per its own site [BAM Elevate](https://millionrounds.com/fund/bam-elevate) Private equity Per its own site [Manhattan West](https://millionrounds.com/fund/manhattan-west) Family office Per its own site [Formus Capital](https://millionrounds.com/fund/formus-capital) VC firm Per its own site [J17 Ventures](https://millionrounds.com/fund/j17-ventures) VC firm Per its own site [Todd Dagres](https://millionrounds.com/fund/todd-dagres) VC firm Per its own site [Dark Pool Capital](https://millionrounds.com/fund/dark-pool-capital) Growth equity Per its own site [Everybody Ventures](https://millionrounds.com/fund/everybody-ventures) VC firm Per its own site [Integra Groupe](https://millionrounds.com/fund/integra-groupe) VC firm Per its own site [LFG Capital Management LLC](https://millionrounds.com/fund/lfg-capital-management-llc) Investor Per its own site [LFG Holdings](https://millionrounds.com/fund/lfg-ventures) VC firm Per its own site [Mech Ventures](https://millionrounds.com/fund/mech-ventures) VC firm Per its own site [Nexus Bay Capital](https://millionrounds.com/fund/nexus-bay-capital) Fund of funds Per its own site [ODC Ventures](https://millionrounds.com/fund/odc-ventures) Family office Per its own site [Raido Capital](https://millionrounds.com/fund/raido-capital) VC firm Per its own site [Realm Capital Ventures](https://millionrounds.com/fund/realm-capital-ventures) VC firm Per its own site [Scoop Ventures](https://millionrounds.com/fund/scoop-ventures) VC firm Per its own site [Seagate Ventures](https://millionrounds.com/fund/seagate-ventures) Family office Per 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. ## Companies like Kalshi In the same sector, and raised in the last eighteen months. [**Guava** $13M · Nov 2026](https://millionrounds.com/company/guava)[**Omni** $244M · Nov 2026](https://millionrounds.com/company/omni)[**Pathfinder** $13M · Nov 2026](https://millionrounds.com/company/pathfinder)[**Clark** $11M · Nov 2026](https://millionrounds.com/company/clark)[**Settle** $103M · Oct 2026](https://millionrounds.com/company/settle)[**Midstream Health** $27M · Oct 2026](https://millionrounds.com/company/midstream-health) ## Find investors like these Search every investor by what they have actually funded, then narrow to your stage and market. Free. Open the investor searchOr these rounds in the app