Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Robinhood will be a player in this space, and it goes to our thesis: yes, there are going to be multiple big winners.</li><li>You have a very large retail use case, but as far as the dollars moved, you have a lot of big power players moving majority of the money around.</li><li>Our bet is, yes, that this space will get fragmented to some degree.</li></ul>

Robinhood will be a player in this space, and it goes to our thesis: yes, there are going to be multiple big winners.You have a very large retail use case, but as far as the dollars moved, you have a lot of big power players moving majority of the money around.Our bet is, yes, that this space will get fragmented to some degree.

Kurush Dubash, CEO Of Dome, On Unified API For Prediction Markets

<ul><li>Dome raised $500,000 in a pre-seed round via Y Combinator&#39;s standard deal in September 2025 as part of YC&#39;s Fall 2025 batch.</li><li>Dome provides a unified API that aggregates prediction markets like Polymarket and Kalshi into a single interface for developers.</li><li>Dome is a B2B SaaS platform for developers, trading firms, and fintech companies building prediction market applications.</li></ul>

Dome raised $500,000 in a pre-seed round via Y Combinator&#39;s standard deal in September 2025 as part of YC&#39;s Fall 2025 batch.Dome provides a unified API that aggregates prediction markets like Polymarket and Kalshi into a single interface for developers.Dome is a B2B SaaS platform for developers, trading firms, and fintech companies building prediction market applications.

<ul><li>Sacra estimates that Kalshi hit $4B in annualized revenue in July 2026, up from roughly $735M in December 2025 and approximately $25M in December 2024.</li><li>In May 2026, Kalshi raised $1 billion in a Series F at a $22 billion valuation, led by Coatue with participation from Sequoia, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley, and ARK Invest.</li><li>Kalshi operates a regulated prediction market exchange where users bet on future outcomes through binary Yes/No contracts.</li></ul>

Sacra estimates that Kalshi hit $4B in annualized revenue in July 2026, up from roughly $735M in December 2025 and approximately $25M in December 2024.In May 2026, Kalshi raised $1 billion in a Series F at a $22 billion valuation, led by Coatue with participation from Sequoia, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley, and ARK Invest.Kalshi operates a regulated prediction market exchange where users bet on future outcomes through binary Yes/No contracts.

<ul><li>Sacra estimates that Polymarket hit $1B in annualized revenue in June 2026, up from $0 in revenue in 2025.</li><li>In October 2025, ICE announced a strategic investment in Polymarket structured as $1.0B of Series D Preferred stock.</li><li>Trading volume expanded from $73M in 2023 to approximately $9B in 2024, continuing its scaling trajectory through 2025 and into 2026.</li></ul>

Sacra estimates that Polymarket hit $1B in annualized revenue in June 2026, up from $0 in revenue in 2025.In October 2025, ICE announced a strategic investment in Polymarket structured as $1.0B of Series D Preferred stock.Trading volume expanded from $73M in 2023 to approximately $9B in 2024, continuing its scaling trajectory through 2025 and into 2026.

<ul><li>Prediction markets have emerged as a new way for millions of Americans to bet on sports &amp; elections, exploiting a legal loophole where CFTC-approved “event contracts” sidestep state gambling laws entirely, allowing Kalshi to launch across all 50 states in 2021 (even those where online sports gambling is illegal).</li><li>The 2024 U.S. presidential election was the breakout moment for prediction markets, with crypto-native prediction market Polymarket&#39;s trading volume exploding from $73M in 2023 to $9B in 2024 (over $3.3B wagered on the Trump vs. Harris race alone) but sports has become the engine sustaining growth post-election with Kalshi&#39;s monthly volume hitting $4B+ in October and November with 90% of that from sports.</li><li>While their consumer apps have driven public awareness of prediction markets, Kalshi &amp; Polymarket are now jockeying to be the infrastructure &amp; liquidity layer of events contracts as sportsbooks (DraftKings, FanDuel), crypto exchanges (Coinbase, Kraken), social media platforms (X) and investing apps (Robinhood) all partner with them to offer prediction markets on their own platforms.</li></ul>

Prediction markets have emerged as a new way for millions of Americans to bet on sports &amp; elections, exploiting a legal loophole where CFTC-approved “event contracts” sidestep state gambling laws entirely, allowing Kalshi to launch across all 50 states in 2021 (even those where online sports gambling is illegal).The 2024 U.S. presidential election was the breakout moment for prediction markets, with crypto-native prediction market Polymarket&#39;s trading volume exploding from $73M in 2023 to $9B in 2024 (over $3.3B wagered on the Trump vs. Harris race alone) but sports has become the engine sustaining growth post-election with Kalshi&#39;s monthly volume hitting $4B+ in October and November with 90% of that from sports.While their consumer apps have driven public awareness of prediction markets, Kalshi &amp; Polymarket are now jockeying to be the infrastructure &amp; liquidity layer of events contracts as sportsbooks (DraftKings, FanDuel), crypto exchanges (Coinbase, Kraken), social media platforms (X) and investing apps (Robinhood) all partner with them to offer prediction markets on their own platforms.

United States

Unified API for developers to access, analyze, and build on prediction markets like Polymarket and Kalshi

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Dome (DOME US)

Kurush Dubash, CEO Of Dome, On Unified API For Prediction Markets

Before Dome, you were at Alchemy. How did the experience and learnings at Alchemy translate over to Dome or inspire you to build Dome...

Sacra

Primer: Dome - 11 Jan 2026

Unified API for developers to access, analyze, and build on prediction markets like Polymarket and Kalshi

Sacra

Primer: Kalshi - 12 Aug 2026

Marketplace for trading on the outcomes of real-world events

Sacra

Primer: Polymarket - 28 Jun 2026

Decentralized prediction market platform for users to bet on real-world events using cryptocurrency

Sacra

Gen Z Degen Economy

TL;DR: As regulatory barriers fall and federal CFTC oversight preempts state gambling laws, prediction markets like Kalshi and Polymarket are...

Sacra

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