Kalshi

“If the institutions don't care as much as we thought about like all these complicated financial instruments, then retail definitely cares way less. So the overall, I think that the amount of interest or caring about events is actually pretty large. And so, bec…”

“It's raised close to 110. We, I mean, the main investor, Sequoia, YC Schwab Kravis and I mean, a bunch of others.”

“We have a very deep partnership with Susquehanna.”

“Like, the board was like, this is a bad idea. And we did it.”

“So we onboarded two million people to our app last last fall.”

“Like we had a hundred markets back in in September, we have a thousand now.”

“We actually announced our second broker, Webull, this week, two days ago.”

“It's the first time that sports, like, trading on sports is actually legal in all 50 states. Because we are regulated by the, you know, by the feds, like, at the federal level, not state by state. And the federal regulation, like, the law actually supersedes s…”

“Like I think we're at maybe like 15, 20% of the relevant news on any given day. Like we can get to a hundred.”

“I mean, I think we got like something like seven percent of the handle within seven days of launch which is huge. Like it's a testament to how big this could be. And I think we were fourth in handle.”

“Most of our revenue doesn't Come from these kind of crazy, exciting events. Like the breakdown of revenue right now for this month, for example, like how much was it the Superbowl versus the other things? Like it's actually much smaller than people would think…”

“There were all these markets that were like, not exactly about the outcome, but like, Related to... Around it. They're like, we're extremely, like, they ended up being something like, 30% of the whole, like, pie.”

“One of our fastest growing segments Right now is, is actually, especially in January is, so obviously politics is big. I mean, I think sports will end up being pretty big. We have crypto and financials are really large, but the fastest growing right now is act…”

“And actually people don't know, like, we, first two weeks of Calcio, we actually started on-chain. So it was really, yeah, it was like, yeah, people don't know this it was like it was crypto first, I remember, and like, that was when we were doing this, like, …”

“No one in the team can use it, which actually makes it hard to develop product”

“We are an SRO. Like we are, think of it as like a pseudo extension of government where we have our own set of rules and laws. So we have a whole investigation department. We actually have to do that by law. Like if I don't do this, I'm violating the law.”

“So we have a separate fund that trades on the exchange. They make money as well.”

“Our first broker was Robinhood, and, you know, Vlad has been talking about that, and, you know, we just got Webull, and I think, yeah, I mean, I think over time, we're in discussions with all the other ones, like Coinbase, DraftKings, all the others, and vario…”

“I think it will for sure be above one 50, but given those options, above one 60, maybe even one 70.”

“I think there will be some sort of regulation, right? Like, especially around like deep fakes or, you know, video, like it feels like you, if you use AI generated video to, you know, cause pain or harm or reputational harm to someone is that standalone AI regu…”

“Two billion dollar valuation now.”

“I think the answer is yes. I think the answer is yes. I would take that bet. I think they're selling, you know, dollars for 18 cents.”

“You know, Sergey Brin was just on the All In podcast and talking about, you know, he jumped back into Google and is kind of all in on AI and, you know, he's like one of the smartest people I know. So I would, my bet would be Sergey.”

“And so when they first started, it probably took 18 months to launch their first event. And now it takes a matter of hours.”

“They called it before all of the other national media outlets.”

“I was talking to PJ, who creates all those, like, extremely viral AI videos. They did one for Kalshi. It reached, like, over a hundred million people.”

“I wrote four memos and got four no's for a Kaoshi investment.”

“And today a lot of Cal shoes volume does come from sports. There's no hiding that.”

“Well, if that market existed today, I think it would probably be like 90% plus odds on Elon. He's like pretty close at this point. Depending on, you know, where his companies go out he's certainly the favorite. So I would definitely bet on him.”

“And today they're number one across users, revenue, volume, any metric that, that anyone would care about.”