Kalshi seeks $750M at $40B valuation with dominant U.S. volume share
Kalshi is reportedly raising at least $750 million at a $40 billion valuation, an increase from the $22 billion valuation set six months ago. The funding comes as Kalshi commands roughly 80% of U.S. prediction market volume. The report emerged the same night the Senate blocked the CLARITY Act. Earlier sourcing citing a $2 billion valuation and $185 million round appears outdated and inconsistent with the newer figures.
Kalshi's $40 billion price tag widens the valuation gap over Polymarket's $21 billion mark. The 82% premium signals investors view Kalshi's sports-vertical lead and 80% domestic volume as durable advantages, not transient momentum. Polymarket matched Kalshi's billion-dollar war chest in May, but balance-sheet parity now masks a widening perception gap. Capital will flow faster to the venue perceived as the category winner, squeezing Polymarket's product timeline.
Jenson's hire at Polymarket only matters if he closes institutional rounds before Kalshi locks in its lead. For traders, the divide shapes which platform can subsidize liquidity and expand contract menus fastest. The Senate's CLARITY block removes one federal regulatory overhang, letting both platforms spend on growth rather than compliance defense. Kalshi's next move is to convert its paper valuation into sports-bettor lock-in before football season peaks.