Kalshi and Polymarket Both Gunning for $20B Valuations
Prediction market rivals are each seeking to roughly double their valuations in new fundraising rounds.
The prediction market arms race just got expensive. Both Kalshi and Polymarket are in active fundraising conversations targeting valuations of approximately $20 billion each, according to the Wall Street Journal.
That's a staggering jump for both companies. Kalshi was valued at $11 billion back in December. Polymarket hit $9 billion in October. Now both want to nearly double those numbers.
The two platforms have been locked in fierce competition to dominate the prediction markets space, where users wager on the outcomes of real-world events. The fact that both are simultaneously pushing for the same $20 billion valuation signals just how hot investor appetite remains for this category.
If either company closes at that number, it would represent one of the largest private valuations in fintech right now. The race is very much on.