Prediction markets Polymarket and Kalshi target valuation of $20 billion
Prediction market platforms Kalshi and Polymarket are discussing the possibility of raising new capital at valuations of around $20 billion each. According to sources, talks with potential investors are still at an early stage.
If the deals go through, the companies’ valuations could roughly double compared with previous funding rounds, Cointelegraph reports.
However, a final agreement has not yet been reached. Investors and companies are still exploring the possible terms of a deal. As a result, the final valuation could differ from the figures currently being discussed.
Kalshi is growing rapidly in the U.S. market
Kalshi already operates legally in the United States and allows users to place bets on the outcomes of events. These can include sports results, political developments, economic indicators, or cultural events. The platform received approval from the U.S. Commodity Futures Trading Commission (CFTC) in 2020.
The company was founded in 2018 by Tarek Mansour and Luana Lopes Lara. In December 2025, Kalshi raised about $1 billion, valuing the company at roughly $11 billion. Its annual revenue is now estimated at more than $1 billion, with some estimates reaching $1.5 billion.
Polymarket plans a return to the U.S. market
Polymarket was launched in 2020 by entrepreneur Shayne Coplan. The platform is currently unavailable to U.S. users without a VPN, but the company plans to launch a regulated American version later this year.
In October 2025, exchange operator Intercontinental Exchange — the owner of the New York Stock Exchange — agreed to invest up to $2 billion, valuing the company at around $9 billion. The platform allows users to trade contracts based on the outcomes of various events using cryptocurrency. These markets effectively allow participants to bet on the probability of future events.
Regulators increase scrutiny of prediction markets
The growing popularity of prediction markets has drawn the attention of lawmakers and regulators. In the United States, new rules for such platforms are being discussed following several suspicious bets linked to geopolitical events. Some trades placed shortly before real-world developments raised concerns about the potential use of insider information.
In one case, traders reportedly earned about $1 million after placing bets shortly before news about military actions became public. Lawmakers are now considering tighter regulation of the industry. Nevertheless, investor interest remains strong, and rising valuations suggest that prediction markets are becoming a fast-growing niche within fintech and the crypto economy.
Recently we wrote that the crypto market has moved into a decline, with total market capitalization falling to around $2.33 trillion, down about 2.9% over the past 24 hours. The Fear & Greed Index remains near 20, staying in the fear zone.
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