Kalshi, Polymarket seeking $20 billion valuations in fundraising talks: WSJ
Prediction market platforms Kalshi and Polymarket are in early talks for fundraising rounds that could value each company at approximately $20 billion.Summary
Prediction market platforms Kalshi and Polymarket are reportedly in early discussions for new fundraising rounds that could each value the companies at around $20 billion, which would nearly double their late 2025 valuations. Kalshi, approved by the Commodity Futures Trading Commission (CFTC), was last valued at $11 billion after a $1 billion raise in December 2025, and reportedly has an annualized revenue run rate of $1.5 billion. Polymarket, founded in 2020, was valued at $9 billion in October following an investment commitment from Intercontinental Exchange. The sector is gaining significant traction, evidenced by high open interest and trading volumes on both platforms compared to competitors, and has attracted interest from traditional finance players like Nasdaq and Cboe, who are considering offering similar binary betting products.
(Source：CoinDesk)