Kalshi Inc.

Kalshi Inc. is a web-based prediction market platform headquartered in Manhattan, New York City, U.S.. Founded in 2018 by Tarek Mansour and Luana Lopes Lara, Kalshi's core business revolves around enabling users to trade on the outcome of real-world events through a new asset class called "event contracts". The company's mission is to provide Americans with a tool to capitalize on their opinions, engage in trading across everyday domains, and hedge against various economic risks. Kalshi distinguishes itself as the first federally regulated exchange for event contracts in the U.S., having received approval as a Designated Contract Market (DCM) from the Commodity Futures Trading Commission (CFTC) in November 2020.

Kalshi offers a diverse range of event contracts, allowing users to buy "Yes" or "No" positions on whether a future event will occur. These contracts cover a broad spectrum of market segments, including sports (which accounted for over 90% of activity and 89% of revenue in 2025), economic indicators (such as inflation, Fed rates, and S&P performance), cultural events (like the Oscars), technological developments, and political outcomes (including elections). The platform operates a central limit order book, similar to traditional stock exchanges, and generates revenue primarily through transaction fees on trades and settlement fees.

As of March/April 2026, Kalshi was valued at $22 billion. The company achieved a record $14.81 billion in notional trading volume in April 2026, contributing to a combined lifetime trading volume of over $150 billion across prediction markets. Kalshi has expanded its reach through significant partnerships, including becoming the infrastructure for Robinhood's event contracts Prediction Markets Hub in 2025 and signing formal agreements with media outlets like CNN, CNBC, and FOX for integrating its forecasts. While facing ongoing legal and regulatory challenges, particularly concerning political betting, a federal appeals court ruling in 2024 upheld Kalshi's right to list contracts on political outcomes. The company has also implemented measures to prevent insider trading, fining and suspending political candidates who wagered on their own elections.