Prediction markets are pushing deeper into financial bets, which could test the limits of U.S. securities laws. The closer the contracts look like stocks, the higher the chance the SEC will want to regulate them. Polymarket offers SpaceX, OpenAI valuation bets only to offshore users. And Kalshi doesn't offer these bets on valuations. But there's also gray area around bets tied to events that could affect a company's financial performance, such as number of SpaceX launches https://www.theinformation.com/newsletters/the-information-finance/pre-ipo-betting-boom-hits-prediction-markets(Yueqi Yang)