Kalshi, the prediction market, has grown fast by avoiding formal hierarchy, co-founder and chief operating officer Luana Lopes Lara said. "We don't have 'heads of' or VPs," she told Fortune's Most Powerful Women summit in Santa Barbara, California. Everyone reports to her or is one step away. Lara said this lets the company decide and adjust quickly, and avoid the meetings and red tape that slow growing startups. One research firm estimated in June that Kalshi was on track for $4 billion in annualised revenue, up from $775 million in December. Sports betting drove much of the rise. Dozens of state governments claim Kalshi runs an illegal sports gambling operation. Appeals courts have issued conflicting rulings, and the Supreme Court is expected to rule next year. Lara said she is optimistic Kalshi will prevail.

Kalshi has hired former FBI agent Sean Fern to lead its first anti-money laundering team as prediction markets face increasing regulatory scrutiny. Fern, who previously served as a federal prosecutor in Brooklyn and worked on the FBI's international corruption squad, will monitor suspicious activity on the platform. According to TickerTracker, Kalshi has processed $260 billion in bets this year, triple the amount traded in all of 2025. The platform faces mounting pressure over market manipulation and insider trading. Federal regulators recently settled with former Rep. George Santos over market manipulation, whilst prosecutors indicted individuals for allegedly using non-public information on rival platform Polymarket. PitchBook estimates Kalshi's value at around $40 billion. The company has 250 employees and plans to double headcount within six months.

The executive director of the National Council on Problem Gambling resigned in late September after accepting a $2 million donation from prediction market platform Kalshi without board approval. Heather Maurer, who began the role in January, required directors to sign nondisclosure agreements before revealing the donation at an April conference. When questioned, she acknowledged Kalshi had not agreed to fund safety measures or promote addiction helplines, sparking internal revolt. The controversy prompted several state organisations to sever ties with NCPG, including Washington's Evergreen Council on Problem Gambling and Ohio Casino Control Commission in September. The backlash centred on NCPG creating a separate "financial services and trading" donor category for Kalshi, exempting the platform from public safeguards required of traditional sportsbooks like DraftKings and FanDuel. Kalshi has grown to a valuation above $20 billion.