PitchBook to launch Polymarket late-stage research, adds Kalshi coverage
PitchBook will release late-stage company research on Polymarket on September 30, the data provider announced September 24. The research will compare valuation scenarios and map state-by-state and international coverage. PitchBook also added Kalshi to its institutional research suite. The new coverage assesses competitive positions and the ability to build durable, profitable prediction-market businesses. Both CFTC-registered platforms now receive ongoing institutional analysis.
Institutional research coverage changes what fund managers and venture desks ask about prediction markets. PitchBook's valuation scenarios give limited partners a benchmark for pricing event-contract platforms against fintech and gaming comps. That shifts the conversation from user growth to unit economics. Kalshi and Polymarket now face the same quarterly scrutiny as late-stage SaaS or neobank targets.
Founders raising Series B or C must show path to profitability under frameworks that buy-side analysts already trust. The September 30 drop gates that credibility. Any platform omitted from this research cycle loses visibility in the capital-formation pipeline that feeds competitors. ForecastEx and smaller venues remain outside PitchBook's lens for now, but the template is set.