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Kalshi and Polymarket Each Target $20B Valuations in Fundraising Talks, WSJ Reports

Prediction market platforms #Kalshi and #Polymarket are separately exploring new fundraising rounds. Both companies have held early discussions with potential investors about raising capital at valuations near $20 billion each. The Wall Street Journal reported the talks on Friday, citing people familiar with the matter. #PredictionMarkets

The discussions are still at an early stage. The WSJ noted that the negotiations may not result in completed deals or reach the targeted valuations. Both companies declined to comment publicly on the talks.

The potential #valuations would roughly double what each platform achieved in its most recent round. Kalshi raised $1 billion in December at an $11 billion valuation. That round was led by Sequoia Capital and CapitalG, with participation from Andreessen Horowitz, Paradigm, and other investors.

Polymarket was valued at approximately $9 billion in October. That followed a commitment from Intercontinental Exchange, the parent company of the New York Stock Exchange, to invest up to $2 billion. Polymarket was founded in 2020 by Shayne Coplan.

Both platforms have grown sharply over the past year. Combined monthly trading volume reached roughly $18.3 billion in February, according to The Block. That figure was under $2 billion as recently as August 2025.

Kalshi crossed a $1 billion annualized revenue run rate, with some estimates placing the figure closer to $1.5 billion, the WSJ reported. CEO Tarek Mansour said the platform recorded over $1 billion in trading volume on Super Bowl Sunday alone. Kalshi has led Polymarket in monthly volume since September, driven largely by sports contracts. #Regulation