Kalshi runs a US federally regulated exchange that lets traders speculate on whether future events will occur using event contracts. These contracts are approved by the CFTC and enable positions on outcomes like statistics or legislative results. Traders place bets on events via Kalshi’s trading platform, and the company earns revenue from transaction fees on each trade. Kalshi differentiates itself by being the first federally regulated market for event contracts, focusing on a new asset class within the futures ecosystem, and attracting both individual investors and institutional traders. Its goal is to give participants a regulated venue to hedge or speculate on economically significant events, expanding the scope of traditional futures markets.
Company Size
501-1,000
Company Stage
Series F
Total Funding
$2.5B
Headquarters
New York City, New York
Founded
2019
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Company Equity
Public is launching AI trading agents that execute automated strategies on prediction markets through a partnership with Kalshi. The New York-based investing app allows users to instruct AI agents to trade on real-world events or use prediction market data to inform broader portfolio decisions. Users set a strategy and the AI converts it into fixed rules, ranging from sending alerts when odds change to automatically buying or selling investments. The agents can monitor markets continuously and execute strategies investors might not physically manage themselves. Public must approve all rules before agents can act. The platform aims to prevent unintended trades by converting requests into visual plans requiring user review before activation as fixed code. The product targets active, self-directed investors wanting to track events affecting portfolios, such as Federal Reserve rate decisions or regulatory approvals. Public, founded in 2019 and backed by Accel and Tiger Global, manages billions in assets across millions of users.
PitchBook has valued prediction market startup Kalshi at $30.4 billion based on expected 2028 adjusted earnings, with scenarios ranging from $22.8 billion in a bear case to $42.1 billion in a bullish scenario. The research firm forecasts Kalshi's revenue will reach $6.4 billion by 2030. The company raised $1 billion in a Series F round in May at a $22 billion valuation. However, its business model faces significant uncertainty from pending Supreme Court litigation over whether its sports offerings constitute unlicensed gambling. Sports currently account for 69.9% of Kalshi's event fees, rising to 82.4% when including exotic bets. PitchBook estimates an adverse Supreme Court ruling could remove $1.4 billion from 2030 forecasts. The report suggests Kalshi maintains a competitive edge over rival Polymarket through partnerships with platforms like Robinhood and market makers like Susquehanna.
Also: PredictQ’s plan to chase the 70% of traders who lose and leave, and Novig’s first national brand campaign with Sydney Sweeney.
Coinbase is adopting ION's XTP for Event Contracts to strengthen infrastructure for its prediction-market business with partner Kalshi. The technology enables real-time execution and processing, automated operations, and onboarding of tens of thousands of accounts daily. The platform handled high-volume activity during its initial rollout, including Kalshi's first one million trades over Super Bowl weekend. XTP allows futures commission merchants to manage event contracts alongside existing derivatives through a single system. Coinbase and Kalshi began collaborating in December 2025 to support event-contract listings. The partnership provides infrastructure designed to support higher transaction volumes and faster account onboarding as the business expands. The stock carries a buy rating with an average price forecast of $219.11 across 44 analysts.
Kalshi is building a high-speed data feed for its prediction market using the Solana network. The platform is adding Solana-based DoubleZero's low-latency market data feed to create a Wall Street-style system in digital asset markets, offering split-second advantages when executing trades. The DoubleZero Foundation will provide Kalshi with a machine-readable view of prediction markets for pricing, hedging, and signal generation. DoubleZero Edge sends live exchange and onchain data over dedicated fibre, distributing it simultaneously to all connected traders and investors. Kalshi plans to use the system to provide quick access to market-moving data and macroeconomic releases such as interest rate announcements and inflation reports. The platform will initially place its most actively traded contracts, including crypto perpetual futures, on the new system.