-29%

est. 2Y upside i

FinTechSeries D+

1st federally regulated exchange where people can trade on events

Rank

#3336

Sector

Fintech / Event Contracts

Est. Liquidity

~3Y

Data Quality

Data: Medium

High-variance binary bet.

Last updated: March 21, 2026

Bull (25%)+120%

State challenges resolved via federal preemption. Sports volume $10B+ weekly. IPO at 15-20x on $3-4B ARR.

Base (45%)+20%

Legal battles drag; revenue $800M-1B. Valuation range-bound near current.

Bear (30%)-70%

Arizona charges escalate; multiple state bans; DraftKings lobbies to restrict CFTC. Down round.

Est. time to liquidity~3.0 years

Preference Stack Risk

high

Funding Intensity

12%

$2.7B on $22B (12.3%); sub-$5-8B exit returns nothing to common.

Dilution Risk

high

Ongoing legal costs and growth investment; more rounds likely.

Secondary Liquidity

limited

Secondary exists but constrained by legal uncertainty.

Other — 26 roles

View all 26 open roles at Kalshi →

Last updated: March 10, 2026

Questions to Ask at the Interview

Strategic questions based on Kalshi's data — designed to show you've done your homework.

  • 1

    “Legal strategy for Arizona criminal charges?”

  • 2

    “Revenue from restricted states?”

  • 3

    “Liquidation preference terms for Series F?”

Community

Valuation Sentiment

Our model estimates -29% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.