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>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 Kalshi hit $3B in annualized revenue in June 2026, up from $735M in 2025.</li><li>Kalshi built the dominant domestic market with exclusive distribution deals with Robinhood and Coinbase, but it now faces real competition at home.</li><li>Robinhood has launched its own CFTC-licensed exchange &amp; is now routing its highest-volume World Cup match outcome contracts away from Kalshi.</li></ul>

Sacra estimates Kalshi hit $3B in annualized revenue in June 2026, up from $735M in 2025.Kalshi built the dominant domestic market with exclusive distribution deals with Robinhood and Coinbase, but it now faces real competition at home.Robinhood has launched its own CFTC-licensed exchange &amp; is now routing its highest-volume World Cup match outcome contracts away from Kalshi.

<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>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>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

United States

Marketplace for trading on the outcomes of real-world events

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Kalshi (KALSHI US)

Primer: Kalshi - 12 Aug 2026

Marketplace for trading on the outcomes of real-world events

Sacra

Kalshi At $3B/year

TL;DR: The World Cup and newly launched crypto perpetual futures have pushed Kalshi past $1B/day in trading volume. But it now faces competition...

Sacra

Primer: Polymarket - 28 Jun 2026

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

Sacra

Primer: Dome - 11 Jan 2026

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

Sacra

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

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