Kalshi and Polymarket seek $20 billion valuations in talks

Kalshi and Polymarket are discussing fundraising rounds that could value each company at about $20 billion. If completed at that level, the deals would roughly double their valuations from late 2025. The Wall Street Journal noted the talks are early and may not lead to finalized investments.

Kalshi operates in the United States under Commodity Futures Trading Commission approval and was founded in 2018 by Tarek Mansour and Luana Lopes Lara. It raised $1 billion at an $11 billion valuation in December, and the WSJ cited people familiar with the business as saying it recently reached an annualized revenue run rate of about $1.5 billion.

Polymarket, founded in 2020 by Shayne Coplan, was valued at $9 billion in October after Intercontinental Exchange agreed to invest up to $2 billion. Prediction markets let users trade contracts tied to real-world events — sports, politics, elections and more — buying and selling based on what they think will happen to monetize information on those events.

United States

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