Rival prediction market platforms Kalshi and Polymarket are reportedly in preliminary discussions with investors for new funding rounds that would value each company at approximately $20 billion. These potential valuations would represent a significant increase for both, roughly doubling their estimated worth from late 2025.
In late 2025, Kalshi's valuation reached $11 billion after a $1 billion funding round, while Polymarket was valued between $9 billion and $10 billion following a $2 billion investment from Intercontinental Exchange (NYSE: ICE). The new funding talks highlight intense competition and soaring investor interest in the prediction market industry, which has seen explosive growth in trading volume. The discussions are still in early stages and a deal is not guaranteed.