Prediction market platforms Polymarket and Kalshi are considering raising additional capital at valuations of $9 billion and $5 billion, respectively, according to The Information, which cited anonymous sources.
“Polymarket has considered an offer that would value the company as much as $9 billion, according to people who have spoken to the company’s leaders,” The Information reported. “That would be a huge jump in price for the startup, which raised money at a $1 billion valuation earlier this summer.”
At least one investor offered a term sheet valuing Polymarket as high as $10 billion, Business Insider reported.
Polymarket, which allows users to wager on events including elections and sports, like NFL football, is expected to relaunch in the United States. “Polymarket has been given the green light to go live in the USA by the @CFTC,” CEO Shayne Coplan said earlier this month.
The Information also reported that Polymarket’s competitor Kalshi “is close to raising money at a $5 billion valuation.” That would be more than double the $2 billion valuation Kalshi raised capital a few months ago.
Meanwhile, the amount of activity recorded on the two platforms appears to be narrowing. Kalshi registered $875 million in volume for August compared to Polymarket’s $1 billion.
The two platforms, for now, have different profiles. While Kalshi operates as a CFTC-regulated company in the U.S. that requires dollar deposits and traditional KYC procedures, Polymarket operates on Polygon using USDC settlements, offering pseudonymous trading and broader global accessibility.
Polymarket’s existing investors include Peter Thiel’s Founders Fund. Kalshi investors include Paradigm and Sequoia Capital.
© 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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