Who Owns Kalshi? Founders, Investors & Key Backers in 2026
It’s been a remarkable few years for Kalshi. What started as the spark of an idea between two friends has become a multi-billion-dollar juggernaut. The New York-based prediction market is a leading player in this booming area and the first CFTC-regulated exchange dedicated to trading on the outcome of future events. But who owns Kalshi? Here, we turn the spotlight onto the Kalshi founders and the various Kalshi investors who have played a major part in its eight-year journey.
Key Insights
- Kalshi is privately owned and currently valued at around $11 billion.
- Founders Tarek Mansour and Luana Lopes Lara hold executive positions.
- Kalshi’s board includes representatives from Paradigm, Sequoia, and Y Combinator.
- It was involved in three fundraising rounds during 2025.
- Investment giants Charles Schwab and Henry Kravis are both backers.
- In 2026, Kalshi is reportedly pursuing a $20 billion valuation as prediction markets expand beyond sports.
Is Kalshi Privately Owned?
As of January 2026, Kalshi is privately owned. The company remains under private ownership, despite enjoying a growing international profile.
However, the company has been backed by a number of prominent investors, including Paradigm, Sequoia Capital, and Andreessen Horowitz.
As of March 2026, Kalshi is reportedly chasing a much higher valuation than it’s current $11 billion, targeting $20 billion as it looks to expand prediction markets beyond sports.
Kalshi Founders: The Visionaries Behind the Exchange
The two Kalshi founders are Tarek Mansour and Luana Lopes Lara, who met while studying at the Massachusetts Institute of Technology (MIT).
Mansour, the Kalshi CEO, was born in California but spent his early years in Lebanon, while Lopes Lara is from Brazil. The pair became interested in finance while at MIT, with Mansour subsequently working for Goldman and Citadel Securities, while Lopes Lara was with Bridgewater and Citadel.
It was during the early years of their respective careers that they noticed a lot of trading stemmed from opinions on future events. However, they also recognized that there were no options to trade directly on the events themselves. This sparked an idea that grew into Kalshi.
The two Kalshi founders remain as executives in the business. While the actual percentage stake owned hasn’t been disclosed, it’s estimated that each owns around 12%.
Key Milestones in Kalshi’s History
Founding & Vision
Founded by Tarek Mansour and Luana Lopes Lara as a direct exchange for trading on event outcomes.
Early Development
Joined Y Combinator and launched a Beta version to gather user feedback.
Regulatory Breakthrough
Became the first fully regulated U.S. financial exchange for event contracts after receiving designation from the CFTC.
Strategic Growth & Funding
Secured major investment from backers like Sequoia Capital and Charles Schwab to expand platform offerings.
Legal Victory & Market Expansion
Won a federal appeals court ruling to become the first regulated platform to offer legal U.S. election trading.
Professional Partnerships & Valuation Surge
Shifted focus to the sports market, reached an $11 billion valuation, and secured the NHL as an official partner.
Global Scaling & Decacorn Status
Targets a $20 billion valuation through a new funding round and expands internationally via a landmark partnership with Brazil’s XP.
Now, let’s take a look at who makes up the Kalshi board of directors.
Kalshi Board Composition & Governance
As Kalshi is a private company, it’s not under any obligation to disclose its full board composition. However, the company did share some information about its overall structure on a Form D filed with the U.S. Securities and Exchange Commission.
This document lists two executive officers: the Kalshi CEO, Tarek Mansour, and Luana Lopes Lara, his co-founder.
The other directors named include:
- Alfred Lin, a partner on the seed/early team of Sequoia, a well-known venture capital firm that was established in the early 1970s
- Michael Seibel, a partner emeritus at Y Combinator, a startup accelerator that provides seed funding and mentorship to businesses
- Matt Huang, the co-founder and managing partner at Paradigm, a crypto investment firm.
Kalshi has also been tied to Timothy McDermott, serving on the company’s Regulatory Oversight Committee and its Disciplinary Panel, and Brian Quintenz, a former commissioner of the Commodity Futures Trading Commission (CFTC).
At the beginning of 2025, Kalshi announced that Donald Trump Jr. had joined the company as a Strategic Advisor.
Kalshi Investors: Who Funded the $11 Billion
Any examination of Kalshi’s ownership must consider the individuals and institutions that have supported the business since it was launched in 2018. These are the main names that have been involved so far:
Paradigm
This research-driven crypto investment firm in the U.S. funds companies from their early stages and has led the investment into Kalshi on two occasions.
The business was founded by Matt Huang and Fred Ehrsam in 2018. Huang is the managing partner and was previously a partner at Sequoia Capital.
Paradigm has led two rounds of funding for Kalshi and is heavily involved in the third round.
Sequoia Capital
This U.S. venture capital firm, established back in the early 1970s, has invested in success stories such as Apple, YouTube, and Airbnb.
It prides itself on backing creative spirits, defined on its website as including the underdogs, the resolute, the determined, and the outsiders.
Sequoia has played a significant role at Kalshi, having been involved in all funding rounds the company has publicly acknowledged.
Andreessen Horowitz
Another U.S. venture capital firm, Andreessen Horowitz (also known as a16z), backs entrepreneurs using technology to shape the future.
While it co-led the Series D funding into Kalshi, along with Sequoia Capital, the business has also been involved in other funding rounds.
Y Combinator
The California-based startup accelerator and seed-funding firm was founded in March 2005 and has since invested in more than 5,000 companies.
This list features global giants such as Airbnb, Dropbox, and DoorDash. Its involvement with Kalshi includes the early investment in 2019 and participation in its latest Series E funding.
Kalshi Funding Rounds
The table below shows the five publicized Kalshi funding rounds, including amounts raised, company valuation, and the key investors.
However, addressing the most recent Kalshi and Polymarket race to sign up users and secure almost doubling valuation of $20 billion, Regina Phelps, Founder and CEO of the Emergency Management & Safety Solutions, warned:
They both [Kalshi and Polymarket] have recently discussed potential fundraising rounds with potential backers that would value them near that figure, according to people familiar with the matter. Both were last valued at around half that late last year. Both companies’ discussions are in the early stages and may not lead to deals. There are also no guarantees that either will land on that valuation, especially amid rising scrutiny of their businesses.
Regina Phelps
We haven’t included either initial seed funding or Series B, as Kalshi hasn’t released any official details. However, industry estimates suggest that Kalshi received up to $2 million, which helped it secure regulatory approval.
Kalshi acknowledged earlier-stage involvement by highlighting “previous investors including Neo and YC Continuity” when it announced its Series A funding in February 2021.
| Round | Date | Amount Raised | Valuation | Lead/Key Investors |
|---|---|---|---|---|
| Series E (Talks) | March 2026 | Targeting $1 billion+ | $20 billion (expected) | Undisclosed |
| Series E | December 2, 2025 | $1 billion | $11 billion | Paradigm (with participation from Sequoia, Andreessen Horowitz, Meritech Capital, IVP, ARK Invest, Anthos Capital, CapitalG, and Y Combinator) |
| Series D | October 10, 2025 | $300 million | $5 billion | Andreessen Horowitz and Sequoia Capital (with significant participation from Paradigm, Coinbase Ventures, General Catalyst, Spark Capital, and CapitalG) |
| Series C | June 25, 2025 | $185 million | $2 billion | Paradigm (with participation from Sequoia, Multicoin, Neo, and BOND Capital) |
| Series A | Feb 17, 2021 | $30 million | Undisclosed (estimated at $150 million) | Sequoia Capital, Charles Schwab, Henry Kravis, SV Angel, Neo, and YC Continuity |
Kalshi’s Strategic Partners & Individual “Whales”
No business can become a multi-billion-dollar giant in such a short amount of time without support, and there have been a number of prominent Kalshi investors over the years.
- Charles Schwab: This American investor is the founder of the brokerage firm that bears his name and has an estimated net worth of $13.9 billion, according to Forbes. His involvement with Kalshi signaled early on that this prediction market platform wanted to be a regulated brokerage, not a crypto casino.
- Henry Kravis: As the co-founder and co-executive chairman of KKR, a global investment firm, with a worth estimated at $14.8 billion and more than four decades of experience, he supported Kalshi in the Series A round, further strengthening its position.
- Peng Zhao: The chief executive of Citadel Securities has been involved in the Series C round. Zhao’s investment signifies confidence in Kalshi’s goal to make prediction markets a significant financial market.
Could the Kalshi IPO Happen Any Time Soon?
As mentioned, the company isn’t publicly traded; however, its rapid growth, combined with growing interest in prediction markets, makes an IPO an option.
There were three rounds of Kalshi funding in a relatively short period in 2025, suggesting growing interest in expanding the proposition.
Conclusion
Despite recent legal back-and-forth in states like Tennessee and Nevada, Kalshi stays at the forefront of the incredible growth in the prediction market industry. Its success has attracted wealthy backers and raised Kalshi’s valuation to a staggering $11 billion.
That success is bound to create even more interest moving forward. Will Kalshi stay private or go public? No one can deny its success in attracting financial support, but an IPO could take it to the next level and global prominence.
If you’re interested in trying the Kalshi platform, bear in mind that participating in prediction markets carries financial risk. Even though there are significant differences between prediction markets and sports betting, we advise familiarizing yourself with responsible gambling tools and resources first.
Insider Tip
Frequently Asked Questions
A: Yes. The company is still privately owned and has succeeded in raising millions of dollars in various rounds of funding.
A: The current chief executive is Tarek Tansour, who co-founded the company with Luana Lopes Lara back in 2018.
A: Kalshi has attracted a number of prominent investors in its recent funding rounds, but the biggest backers include Paradigm, Sequoia Capital, and Andreessen Horowitz.
A: No. The two organisations have a business relationship. In March 2025, Robinhood announced a prediction markets hub that would be available via Kalshi.
A: The current valuation is $11 billion, according to a company announcement in early December 2025.
A: Yes. It’s regulated by the Commodities Futures Trading Commission (CFTC). This is an independent agency of the U.S. government. Kalshi is regulated as a Designated Contract Market (DCM).
References
- Tarek Mansour – Kalshi (LinkedIn)
- Luana Lopes Lara – Kalshi (LinkedIn)
- FORM D (SEC)
- Kalshi & Polymarket face intense scrutiny, valuation nears $20 billion | Regina Phelps posted on the topic (LinkedIn)
- Kalshi and Polymarket Are Each Eyeing Roughly $20 Billion Valuations (WSJ)
- Kalshi Reaches $11 Billion Valuation as App Takes over America (Kalshi News)
- Kalshi hits $5 billion valuation amid international expansion (Kalshi News)
- Kalshi hits $2B valuation after breakout year (Kalshi News)
- Kalshi Raises $30 Million in Series A Funding Led by Sequoia (Kalshi News)
- Charles Schwab (Forbes)
- Henry Kravis (Forbes)
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