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Kalshi’s early fundraising deck resurfaces after $40 billion Series G

The VC Corner published all 18 slides of Kalshi's Series A pitch deck, from the 30 million dollar round Sequoia led in February 2021 right after the CFTC designated Kalshi as a contract market. Kalshi's valuation has since climbed from 2 billion dollars in June 2025 to 40 billion dollars in its 1 billion dollar Series G on October 29, co-led by Sequoia and Wellington.

The VC Corner has published all 18 slides of Kalshi’s Series A pitch deck, offering a look at its early fundraising case as the exchange reaches a $40 billion valuation.

The deck dates to the $30 million round led by Sequoia in February 2021, according to The VC Corner. That financing came right after the CFTC designated Kalshi as a contract market.

From Series A to Series G

The latest financing puts that early round in a different context. Kalshi raised $1 billion in its Series G on October 29, with Sequoia and Wellington co-leading the round, according to The VC Corner.

Kalshi’s valuation rose from $2 billion in June 2025 to $40 billion at the Series G. Sequoia’s role links the two fundraising milestones: it led the February 2021 Series A and co-led the latest round.

What it means for prediction markets

  • Regulatory status anchors the early timeline. The Series A followed Kalshi’s CFTC designation as a contract market, placing that milestone alongside its early institutional fundraising.
  • The valuation change concerns the exchange, not individual contracts. The rise from $2 billion to $40 billion reflects Kalshi’s fundraising valuation; it does not establish probabilities for events traded on its platform.
  • The deck is a historical reference point. Its 18 slides document the Series A fundraising case, rather than the terms or operating assumptions behind the October 29 Series G.
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