The Kalshi logo on a laptop in New York, USA, on Monday, February 10, 2025.
Gabby Jones | Bloomberg | Getty Images
Nearly half of Kalshi’s user base experienced disruptions and delays during college football games, a key source of commerce, on Saturday, as some said they were temporarily unable to process orders.
In a message to a user obtained by CNBC, the prediction market service website apologized for any inconvenience and said it was “investigating” the issues traders were experiencing.
“The exchange is experiencing temporary delays,” the message said. “Balances and positions may not be accurately reflected at this time.”
One user shared a screen recording and screenshots with CNBC showing that they were unable to see their balance or stakes while the issues persisted.
A number of users of CNBC visited the site, saying it would not load and only showed a green K with a spinning circle around it for more than 20 minutes. The platform loaded later.
“Today, Kalshi experienced minor disruptions that temporarily impacted some user experiences. There was no exchange outage, no funds were affected, and the issues are now resolved,” the company said in a statement.
Previously, a spokesman denied that an outage had occurred and said the exchange “never stopped functioning properly.” He added that there was no impact on clearing, advanced trading or institutional trading.
“There were some disruptions and delays to our web and app product, affecting less than half of our user base,” the spokesperson said.
Just over a week ago, Kalshi announced a $300 million Series D funding round that valued the company at $5 billion, more than double its $2 billion valuation in June following the Series C round.
The round was co-led by Andreessen Horowitz (a16z) and Sequoia Capital, with participation from Paradigm. Other backers included Coinbase Ventures, General Catalyst, Spark Capital and CapitalG.
Founded in 2018, the company rose to prominence by offering bettors the opportunity to trade on a wide range of real-world events, from football games to who President Donald Trump might pardon this year.
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