Kalshi, founded in 2018 by MIT classmate Tarek Mansour and Luana Lopes Lara, operates a regulated platform for trading on the outcomes of real-world events, growing to an $11 billion valuation after a high-profile funding round.

The company earned its CFTC registration in November 2020, establishing itself as the first federally regulated prediction market specializing in event-based contracts.

Lopes Lara and Mansour met through MIT connections and internships and applied to Y Combinator in 2019, ultimately building Kalshi into a regulated derivatives marketplace.

Lopes Lara’s journey is unconventional: from ballet training at the Bolshoi Theater School in Brazil to MIT and Wall Street internships, illustrating a nontraditional path to tech and finance.

Forbes highlights her perseverance and ambition, noting a shift from professional ballet to technology and finance with the goal of shaping global finance and tech.

Her trajectory—from disciplined ballet training to MIT and internships at Bridgewater and Citadel—frames an ascent in tech and finance built on rigor.

The story underscores the growing importance of data-driven, real-world event trading in modern finance and its implications for media collaborations and industry competition.

Kalshi has expanded through integrations with brokerages like Robinhood and Webull, liquidity support from Susquehanna International Group, and partnerships with the NHL, StockX, and Solana to push into crypto trading.

In January 2025, Donal Trump Jr. joined Kalshi’s advisory board, signaling broader credibility and ties with high-profile figures.

The competitive landscape includes Polymarket, which has regulatory approval and raised substantial capital, increasing pressure on older betting platforms to enter prediction markets.

Kalshi’s strategy focuses on expanding broker integrations and partnering with media outlets to broaden access and liquidity.

Polymarket’s founder is noted as a significant player, highlighting the rapid rise of prediction markets into billion-dollar businesses.

A CNN partnership will integrate Kalshi’s prediction data into coverage, with analysts using market signals for reporting and fact-checking.

Kalshi’s valuation has surged to $11 billion after recent funding, with founders each holding substantial stakes, underscoring rapid growth.

The December 2, 2025 funding round was led by Paradigm, with participation from Sequoia Capital, Andreessen Horowitz, and Y Combinator.

Notably, Kalshi’s notional trading volume reached $5.8 billion in November, driven by sports contracts and expanded cross-ecosystem integrations.

Early 2025 figures show weekly trading volumes surpassing $1 billion, with sports contracts dominating activity and continued expansion into non-political events.

Kalshi’s November volume marked a 32% rise from October, reflecting growth in complex sports bets and wider market participation.

Kalshi and Polymarket illustrate how prediction markets have matured into billion-dollar businesses, offering future-event wagers alongside traditional financial instruments.

Regulatory scrutiny remains a challenge as states examine legality and taxation of Kalshi’s event contracts, but investors remain confident in the founders’ ability to navigate hurdles.

Despite ongoing state-level legal questions around certain contracts, investors view Lopes Lara and Mansour as drivers of a potentially transformative platform.

The piece highlights ongoing regulatory and market dynamics that shape the industry, including the monetization of information and risk through predictive platforms.

Lopes Lara became the world’s youngest self-made woman billionaire at 29 after Kalshi’s $1 billion funding round, with cofounder Mansour also around 29 and each holding roughly a 12% stake.

Lopes Lara studied computer science at MIT and interned at Bridgewater Associates and Citadel, building a foundation for a finance-tech disruption.

Kalshi won FDA-like designation as a Designated Contract Market in 2020, and later secured a ruling in 2024 allowing the first regulated U.S. election contracts in over a century.

Kalshi’s regulatory path contrasts with competitors like Polymarket, which faced penalties for unregistered markets in the past.

Kalshi enables trading on elections, sports, and pop culture outcomes, with Lopes Lara owning about 12% and an estimated net worth around $1.3 billion.

The company plans to use fresh capital to launch new products, expand internationally, and deepen distribution partnerships with brokerages.

Polymarket’s blockchain-based platform and past regulatory settlements illustrate differing regulatory approaches in the prediction-market space.

Lopes Lara co-founded Kalshi with Mansour in 2018, transitioning from ballet to technology and finance.

Her early career included professional ballet in Europe before shifting to education and tech leadership, culminating in Kalshi’s regulatory trajectory.

Lopes Lara pursued MIT studies in computer science and mathematics, collaborating with Mansour to launch Kalshi after meetings within MIT circles.