It appears Polymarket and Kalshi are looking to pad the coffers with fresh funding, at least according to a Wall Street Journal (WSJ) report that dropped this weekend. The report notes that “people familiar with the matter” told the WSJ that each firm is aiming for a valuation of roughly $20 billion apiece.

WSJ reporters Kate Clark and Kevin T. Dugan wrote that the fundraising talks remain preliminary and could easily fizzle out or close at lower valuations. The report arrives as interest in prediction markets is climbing quickly, with monthly trading volumes shooting higher. Data compiled by Dune Analytics and user @datadashboards shows $26.7 billion in notional volume in January 2026, spread across seven separate marketplaces.

Kalshi launched in 2018, founded by Tarek Mansour and Luana Lopes Lara, and the firm pulled in $1 billion in December 2025 at an $11 billion valuation from heavyweight investors including Paradigm and Sequoia Capital. Polymarket, founded by Shayne Coplan in 2020, carried a valuation of about $9 billion in October 2025 after Intercontinental Exchange (ICE), the owner of the NYSE, agreed to invest up to $2 billion.

Both platforms have enjoyed rapid growth as interest in prediction markets has expanded beyond elections and into sports such as the NFL and college football, along with wagers tied to global events. At the same time, bets tied to sensitive topics — including markets on whether the U.S. would strike Iran or whether Iran’s supreme leader could be removed — have attracted scrutiny from members of Congress.

Meanwhile, Kalshi and Polymarket are also locked in ongoing disputes with state regulators over whether their federal approvals are sufficient to operate nationwide without obtaining separate gambling licenses in each state. Those legal fights could play a major role in shaping how prediction markets expand across the United States.

For now, both companies appear eager to grow with fresh capital while regulators decide exactly where the lines should be drawn. Investors, it seems, are watching closely as the industry’s next chapter unfolds.

• What are Polymarket and Kalshi?
  Polymarket and Kalshi are U.S.-based prediction market platforms where users trade contracts on real-world outcomes such as elections, sports, and global events.
• How much are Polymarket and Kalshi worth?
  Kalshi was valued at about $11 billion in December 2025, while Polymarket held an estimated $9 billion valuation in October 2025.
• Why are Polymarket and Kalshi raising new funding?
  A WSJ report says both companies are exploring fundraising rounds that could push their valuations toward $20 billion post-money.
• Why are regulators investigating prediction markets?
  U.S. lawmakers and state regulators are examining whether platforms like Polymarket and Kalshi need separate gambling licenses to operate nationwide.

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