U.S.-regulated prediction market platform Kalshi is receiving investment proposals from venture capital investors that would value the company at up to $12 billion, Bloomberg reported on Wednesday, citing anonymous sources.
Less than two weeks ago, the startup raised more than $300 million at a $5 billion valuation.
“Investors have been eager to back the fast-growing startup, and have discussed funding the company at valuations ranging from $10 billion to $12 billion or higher,” Bloomberg said, according to sources.
Rival platform Polymarket recently said Intercontinental Exchange would invest up to $2 billion in its platform at a $9 billion post-money valuation. This followed Polymarket CEO Shayne Coplan recently saying his platform “has been given the green light to go live in” the U.S. after having halted operations there in 2022.
Sports betting
Wagering on sports, a multibillion-dollar industry already, could become a growth area for both Kalshi and Polymarket. In August, Robinhood said it was launching a pro and college football prediction market where users can wager on the outcome of games through a Kalshi partnership.
On Wednesday, Polymarket said it will serve as the designated clearinghouse for DraftKings if the sports betting giant launches a predictions market following its acquisition of Railbird.
The National Hockey League has reportedly reached multi-year licensing agreements with both Kalshi and Polymarket, according to The Wall Street Journal.
Kalshi’s Head of Crypto, John Wang, recently told The Block the company’s prediction market should be available on “every large crypto application and exchange” within the next 12 months.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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