Kalshi just raised $1B at a $40B valuation.
Six years ago, it pitched Sequoia with 18 slides, two headshots and a growth chart that looked too good to be true.
Series G co-led by Sequoia and Wellington on October 29
$97.8B traded in October 2026 alone, a monthly record
30M+ accounts and over 75% of all prediction-market volume
What they do? On Kalshi you buy a contract that pays $1 if an event happens and nothing if it doesn't.
→ Betting sites have offered something similar for years. Kalshi built it as a regulated exchange, in the same legal category as the Chicago Mercantile Exchange, after two years with the US regulator.
👇 Alfred Lin, the Sequoia partner who led the round, just shared the full Series A deck. It's at the end.
🔎 Below we go through every slide: how they pitched a market that didn't exist, the regulatory moat, the plan to fill an empty exchange, the team and the forecast that came true + the Full Pitch Deck!
Inside you will find:
How to Pitch a Market That Doesn't Exist Yet
Why Two Years With the Regulator Became the Moat
How Kalshi Planned to Fill an Empty Exchange
The Team Behind Kalshi
The $5B Hockey Stick That Actually Happened
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