Prediction market leaders Polymarket and Kalshi are reportedly on track to take on new investments that could push each platforms’ valuation above $10 billion.
According to separate reports from Bloomberg this week, Kalshi is fielding investment offers that would put its value at more than $10 billion, while potential Polymarket investments could drive that prediction platform’s valuation above $12 billion. In both cases, Bloomberg cited unnamed “people familiar with the matter” as the sources of the new information. Both companies declined to comment on the reports.
The news comes as both prediction market exchanges are seeing unprecedented spikes in trading volume and investment interest. Both Kalshi and Polymarket announced earlier this month that recent investments put their valuations at $5 billion and $9 billion, respectively.
In a sign of just how much both prediction market companies are growing, funding rounds reported over the summer put each company’s valuation above $1 billion, giving them both unicorn status. If the new investments and valuations come through as reported, both companies would be “decacorns,” the term used for privately-held companies valued at more than $10 billion.
Kalshi value could reach $12 billion or higher with next funding raise
Kalshi, the first prediction market platform to receive approval from the Commodity Futures Trading Commission (CFTC) to operate as a federally regulated exchange in the U.S., is receiving funding offers from unnamed venture capital investors that would value the company at between $10 billion and $12 billion “or higher,” according to Bloomberg’s report.
Prediction market Kalshi is getting funding offers from investors that value the startup at more than $10 billion https://t.co/ol9MFlCOHM
— Bloomberg (@business) October 22, 2025
On Oct. 10, Kalshi announced a $300 million Series D funding round that valued the company at $5 billion. The round was led by Sequoia Capital, one of the platform’s earliest investors, and Andreessen Horowitz, which called Kalshi “the fastest growing tech company in the world outside AI.” Other participants in the funding round included Paradigm, Coinbase Ventures, General Catalyst, CapitalG, and Spark, as well as comedian/actor Kevin Hart and NBA star Kevin Durant.
Kalshi CEO Tarek Mansour said the Series D funding was secured in August and that, since then, the company has grown 3x, hitting annualized volume of $50 billion. Much of the trading volume boost has come from the introduction of extensive NFL and college football markets.
In June it was announced that Paradigm led Kalshi’s $185 million Series C funding round at a $2 billion valuation.
Polymarket news follows recent $2 billion ICE investment
Polymarket is in “early conversations” with investors that would put the company’s valuation at between $12 billion and $15 billion, according to Bloomberg.
Prediction market Polymarket is holding early conversations with investors and is looking to raise new funding at a valuation of as much as $15 billion https://t.co/O9rit8vP30
— Bloomberg (@business) October 23, 2025
On Oct. 7, Intercontinental Exchange, Inc. (ICE), which owns the New York Stock Exchange, announced it had invested $2 billion in Polymarket at a pre-investment valuation of $8 billion. Polymarket CEO Shayne Coplan said that, “post-money,” the platform will be valued at $9 billion.
Over the summer, word surfaced of a Polymarket funding round led by billionaire Peter Thiel’s Founders Fund. Reports at the time said the round raised $200 million, but Coplan later clarified that it raised $150 million at a $1.2 billion valuation. Other participants in the funding round included 1confirmation, Coinbase, Dragonfly and the Donald Trump Jr.-backed 1789 Capital, as well as angel investors like Ari Emanuel, Guy Oseary and Rick Rubin.
Coplan also recently said that just prior to the 2024 U.S. presidential election (which drew huge trading volume to Polymarket), a funding round led by Blockchain Capital raised $55 million, valuing the company at a mere $350 million.
Prediction market platforms battling for market supremacy
Reports of the sky-rocketing valuations come as the two platforms are battling for market supremacy. Polymarket had regularly been beating Kalshi in terms of overall weekly trading volume, but Kalshi took the lead with the start of football season, according to Dune Analytics.
Last week, however, Polymarket again outpaced Kalshi’s weekly trading volume, topping $1 billion for the first time since the week of the presidential election. Combined weekly prediction-market volume soared to over $2 billion last week, an all-time high.
Kalshi was previously only available in the U.S., but announced that it was going international earlier this month. The expansion has yet to have an impact on Kalshi’s weekly trading volume. Polymarket, meanwhile, is gearing up for an imminent return to the U.S. market, after exiting in early 2022 as part of a settlement with the CFTC.
