Kalshi

Kalshi is an American prediction market platform based in New York City that allows users to trade on the outcomes of future events. Founded in 2018 by Tarek Mansour and Luana Lopes Lara, who met as undergraduates at MIT, the company received approval from the Commodity Futures Trading Commission (CFTC) in 2020 as a Designated Contract Market, making it the first regulated exchange for event contracts in the United States. The platform officially launched in July 2021.

Kalshi offers markets on economic indicators, weather patterns, awards, political and legislative outcomes, and military conflicts. However, as of 2025, sports betting constitutes more than 90% of site activity and 89% of revenue, with trading heavily tied to the sports calendar. Users buy and sell contracts whose prices reflect the perceived likelihood of various outcomes, settling based on whether predicted events occur. The company categorizes users into advanced retail investors, institutional traders, and general retail participants.

Kalshi has achieved remarkable financial growth, reaching an estimated $1.5 billion revenue run-rate with a $22 billion valuation. The company's regulated status under the CFTC gives it a competitive advantage over unregulated platforms like Polymarket. Its business model resembles traditional exchanges such as CME Group, earning transaction and data fees without taking market risk. Total funding stands at $30.2 million as of the Series A stage, with key investor Paradigm.

The platform has faced controversies and legal disputes regarding markets tied to elections and sensitive geopolitical matters. Critics have raised concerns about betting on elections undermining public trust and democratic integrity. Insider trading has emerged as a significant concern, leading Kalshi to introduce security measures including employment verification requirements for users wagering on events tied to corporate performance or national security. [edit]