Kalshi and Polymarket Eye $20B Valuations in New Funding Rounds
Prediction markets Kalshi and Polymarket are in early-stage funding talks that could value each platform near $20 billion, according to people familiar with the discussions. The negotiations remain fluid, with no guarantees of finalized deals.
Kalshi, legally operational in the U.S., enables trading on political, economic, and cultural events. Its December funding round—led by Paradigm and Sequoia Capital—valued the company at $11 billion. The CFTC-approved platform has since surpassed a $1 billion revenue run rate, with some estimates suggesting $1.5 billion.
Polymarket, founded in 2020, remains inaccessible to U.S. users without VPNs but plans a regulated stateside launch this year. ICE’s $2 billion investment last October pegged its valuation at $9 billion.
