The Kalshi Series A Deck

Kalshi just announced their Series G, raising $1B at a $40B valuation. Tarek’s post is worth reading, and shares more of the personal story behind the motivation for Kalshi and how his upbringing influenced where they are today.

@Kalshi may look obvious from a 2026 vantage point. It was not obvious in 2018, when @mansourtarek_ and @luanalopeslara founded the company, or in 2020, when we first partnered with them. We almost missed the opportunity entirely due to a miscommunication, but that’s a story for another day.

Many wonder what generational businesses look like when they first get started. Tarek and Luana were kind enough to let us share the entire Series A deck they used to pitch Sequoia, to inspire other founders who come after them.

The full deck is below, but a few highlights:

> Kalshi has been regulatory-first from the start. Trading on event outcomes seems obvious now but was still a non-obvious new asset class at the time.

> Hockey stick charts are a trope, and few companies ever achieve them. Kalshi actually did achieve and exceed their projection on this timeline, even if the actual curve was MUCH choppier than planned. (Tarek has shared it felt like nothing was working for five years, before everything clicked.)

> You don’t need a flashy headshot to raise capital. Just ask Tarek:

8 years in, it’s still Day 1 at Kalshi. We’re honored to continue partnering with them and co-lead their Series G. Hopefully seeing how they looked in the early days helps inspire the next generation of founders. Remember, everyone that’s extraordinary was once ordinary. Your predictable hockey-stick growth chart and finance intern headshot could be the start of the next legendary company.

---