In 2021, Thomas Peterffy invited Tarek to his house and offered to buy Kalshi. At the time, Kalshi had practically no users, no volume, and zero name recognition. But Peterffy saw the vision. Tarek and Luana turned down a potential life-changing acquisition offer. They had deep respect for Peterffy, and the offer was serious money for what was a tiny startup. But the founders believed in Kalshi and were committed to giving it their all. As their trusted partner and supporter, I told them to follow their heart. Five years later, Kalshi and Interactive Brokers are business partners. These full-circle moments are truly special.

Kalshi is the only financial market where Main St. has an edge over Wall St. Gigi, Nicholas, Brandon, Joel, Heather, Paul, and Stephanie have all found their edge and mastered their own niche on Kalshi. Prediction markets are the people’s markets.

Leveraging FEC Data to screen campaign staff: Last week, NPR reported on several anonymous campaign staffers who claimed they had profited from trades they made on prediction markets which were placed ahead of polling drops for the campaigns they worked on. The reporting didn’t say which prediction market they traded on, but at Kalshi, campaign staff have always been prohibited from trading in election markets. All markets are subject to 24/7 surveillance on Kalshi, and we are conducting investigations and enforcement as usual. We also go beyond policing insider trading and try to preemptively block potential insiders from trading where possible. To that end, our team has ingested available data from the Federal Election Commission and is actively screening salaried federal campaign employees from trading on a campaign that they work for. This data helps us prevent or detect trading by campaign insiders. We plan to process similar data published at the state level where it’s available and block state campaign staff from trading on campaigns they’ve been associated with, too. Let me be abundantly clear: we police all kinds of insider trading and market manipulation at Kalshi. Congress is also considering a law specifically criminalizing campaign staff from trading on their own campaigns – but we aren’t waiting for additional legislation or regulation to take action on market integrity. If we find this type of activity on our platform, it will be referred to law enforcement and subject to exchange disciplinary action. I encourage all traders to heed the repeated warnings from companies like Kalshi, and from the CFTC and DOJ: engaging in insider or manipulative trading on federal exchanges can get you into serious trouble, and we are continuously working to prevent, detect, and punish it where we find it.

i would like to use this 15 min of fame to s/o @Kalshi the most goated prediction market on the planet. we’re a lean team of 50 cracked engineers building out a $22bil company. we’re hiring talented builders 5 days/week in nyc, and are competitive w openai/anthropic offers. DM me if ur cracked!

Kalshi x Madison Square Garden The world’s most famous arena. Where iconic games are played. Where legends perform. Where unforgettable moments happen. A new era for the city.

When I joined Kalshi back in 2020, the company had just received the regulatory designation it needed to act as a prediction market in the US (after years of work from @luanalopeslara and @mansourtarek_ ), but we still had to actually build the exchange. As an engineer, it felt like such a gift to be a part of that process: the whole team had such conviction in these markets. We dreamed of the day they would be hooked up to trading terminals and referenced by news anchors worldwide. I thought: “if we can just get the systems up and running, people will come.” When we processed our first trade, it felt amazing. But I was also hit with the reality that what we had was not enough: how could we scale to millions of markets a day? How could we support collateral return and margin on events? How do we make even low volume markets liquid? Unlike building a matching engine, these were (and some remain) open questions that hadn’t been solved by a financial exchange before. Thankfully, the team is composed of many of the most hardworking and passionate people I’ve ever met, so though tackling these problems has meant a lot of late nights, it’s never meant a late night alone (shout out to @_rainerds who has been my grinding buddy since the beginning). I'm so grateful to be working alongside each one of you. There is still so much left to do. If you’re interested in joining us, I’d love to chat!

I joined Kalshi when it was little more than a dream. We’ve come a long way since then. This team has worked harder than anyone to get here. But we’re still at the very beginning. The dream that brought us here is still unfolding - and what’s ahead is even bigger.

My favorite Kalshi value is "Climbing the steeper mountain." As testament, a few years ago during tougher times, our team climbed a literal mountain of boulders (with @luanalopeslara on crutches!!) to get us back on track. On the climb we learned: Time moves slower: what looks like a quick success is the result of people never taking a single day for granted. Motivation comes from within: seeing a peak is gratifying, but you only get there by believing first. Never give up: the only risk to not reaching the peak is to stop moving. Better with friends: @mansourtarek_ refusing my excuses, and @liorhir walking with me when I struggled. Don't leave the group: individual success isn't better than building something greater than the collective. Today's raise marks new peaks, friends (maybe you 👀), challenges, and beautiful moments along the way. This journey has been the privilege of my life, and I'm grateful for each step.

Prediction markets are a new asset class that will have far reaching implications At scale, they will help civilization allocate capital: eg What will H200 prices be in 3 years? When will the first space datacenter go live? Congrats to Kalshi on this next milestone!

Working at Kalshi has been the highlight of my extremely unusual career. Day in and day out I get to work with brilliant, driven people who get the mission and are completely bought in. We’re now unlocking prediction markets for the massive world of institutional finance. Job’s not finished. 🐺

joining kalshi last september was probably the biggest pivot of my career so far for six years my entire world was crypto, DeFi and anons, and i honestly thought that’s where i would be long term. i never really pictured myself working anywhere remotely "traditional" very glad i ended up taking this path because what i found at kalshi was way less corporate than i expected and way more ambitious and fast moving than i could have imagined i found one of the highest talent density teams i have ever been around people here care A LOT. everyones pushes HARD. people regularly choose the harder path if they think it leads to a better outcome long term there’s very little "good enough" and the craziest part is that all of this has been built by a team of <150 people i’ve learned an insane amount in less than a year here already and tarek + luana are the kind of founders you hope to work with if you care about building hard things the right way a lot of people will see the milestone today, but not the years of work behind it from the whole team the regulatory fights, the launches, the iteration, the amount of conviction it took to keep pushing prediction markets forward before most people understood how big they would become and one of the coolest parts recently has been watching the next phase start to happen in real time more institutions entering the space, more liquidity, more serious participants paying attention, more people realizing prediction markets are going to matter really grateful to everyone who helped get kalshi here. traders, builders, market makers, partners, everyone we’re still very early also, we’re hiring :3

thank you for the idea @FallonTonight ! i'm talking to the team about how feasible it is to add the Kalshi Cringe Adult to our new safety features. PS: you should check out our new safety features here, they're awesome

Kalshi raised $1B at a $22B valuation led by Coatue, with participation from Morgan Stanley, Sequoia, a16z, and others. In 2018, we were two kids who loved math, markets, and debate. And we had a dream: build the next generation financial market, where we capture a broader set of questions and harness the power of the masses to price them better than Wall Street. Kalshi was born to fulfill that dream. Today, most of these questions are traded indirectly, priced through imprecise proxies or negotiated bilaterally in opaque, restricted, relationship-driven markets. But thanks to our incredible community of users who make our markets work, Kalshi has the opportunity to change that by turning historically fragmented and untradeable risk into open, liquid, and standardized markets. We’ve seen this movie before. When interest rates, currencies, commodities, and crypto moved from dark to lit markets, volume did not just migrate: access expanded, new use cases emerged, and the opportunity grew by orders of magnitude. Today, Kalshi represents over 90% of US prediction market volume and the majority of activity globally, with annualized volume growing to $178B over the past 6 months. What started as retail is quickly becoming institutional — hedge funds, asset managers, prop firms, and insurers are beginning to trade, provide liquidity, and hedge real-world risk directly. The scope and scale of prediction markets are just beginning to take shape. We’re using this new capital to accelerate the institutional adoption underway — unlocking trillions in capital to facilitate active trading and risk management. Prediction markets are moving from early adoption to core financial infrastructure. This is just the beginning.