Business Overview

Kalshi is a CFTC-regulated prediction market that allows users to trade on real-world event outcomes using fiat money across areas such as politics, economics, climate, sports, and culture. It operates as a marketplace that matches participants with opposing views, distinguishing itself from traditional gambling models.

The platform follows a maker-taker fee structure where only taker trades are charged, with fees ranging from 0.07% to 7% depending on contract probability, while maker trades are free to support liquidity. Kalshi incurs high fixed costs related to regulation and infrastructure but benefits from low marginal costs as trading volume scales, with its CFTC approval enabling nationwide operations without the need for state-by-state licensing.

Financials

Kalshi has shown rapid financial growth, with revenue increasing from $1.8 million in 2023 to $24 million in 2024, alongside a sharp rise in trading volume from $183 million to $1.97 billion over the same period. Momentum continued into 2025, driven largely by sports markets, which crossed $2 billion in trading volume in the first half of the year.

Investments will be made through a Mauritius-based SPV. Investors will participate as limited partners in a structured vehicle that directly holds equity on Kalshi’s cap table, providing indirect ownership exposure at an implied valuation of approximately $11B^*.

Valuations are indicative and may change based on demand and supply dynamics in the secondary market and funding activity.

Disclaimer

The information provided herein is a supplement only and does not purport to contain all of the terms, conditions, or risks of the offering. Investors should refer to the complete set of offering documents, including the Subscription Agreement, Operating Agreement, Risk Disclosures, Private Placement Memorandum, and any additional accompanying disclosures or series supplements for full details. Prospective investors are strongly encouraged to conduct their own independent due diligence and consult with their legal, tax, and financial advisors before making any investment decision.