Kalshi, Polymarket Reportedly Seek $20 Billion Valuations in New Funding Rounds

Kalshi is a financial prediction-market platform that allows users to trade contracts based on the outcomes of political, economic and other events. Its main rival is Polymarket. Kalshi's valuation and fundraising capacity reflect the prediction market's rapid expansion and bear on the two companies' race for users, trading volume and industry dominance.

Kalshi is in talks to raise a new funding round at a valuation of up to $40 billion, nearly double its valuation in the previous round. It plans to use the funding to widen its lead over Polymarket. Chief Executive Tarek Mansour said the company remained financially sound and was sustaining strong growth, and was considering pursuing an IPO after 2027.

Kalshi is a prediction market regulated by the U.S. Commodity Futures Trading Commission (CFTC), allowing users to trade contracts on the outcomes of political, economic and sporting events. Its regulated status has helped it tap demand for sports betting, while both revenue and valuation have climbed. Its potential listing has also become an important gauge of prediction markets' move into mainstream finance.

As of July 2026, Kalshi's annualized revenue had surpassed $2 billion, about three times its level at the end of 2025, driven mainly by trading tied to sporting events including the NBA and World Cup. The company's valuation also doubled within six months to $22 billion. It has reportedly begun early, informal IPO talks with investment banks but has yet to announce a listing timetable.