Kalshi seeks $40 billion valuation, widening lead over Polymarket

Kalshi is seeking to raise new capital at a valuation of about $40 billion, nearly double the $22 billion valuation from its previous funding round. The fundraising could close as soon as the third quarter and would widen Kalshi’s lead over rival Polymarket, which has been seeking funding at about $15 billion.

The two platforms have emerged as the dominant names in the prediction markets sector as other entrants increase competition. Kalshi’s prior round attracted investors including Philippe Laffont's Coatue Management, Sequoia Capital, Andreessen Horowitz and Morgan Stanley.

The company operates as a federally regulated U.S. exchange, while Polymarket uses blockchain infrastructure and cryptocurrency-based settlement and has been popular with crypto traders during recent election cycles. The talks come as management weighs an eventual public listing.

United States

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