Prediction-market platforms Kalshi and Polymarket are in early discussions with investors for new funding rounds that could value each company at approximately $20 billion, doubling their late-2025 valuations. Kalshi was last valued at $11 billion following a $1 billion raise in December 2025 and maintains an annualized revenue run rate exceeding $1 billion. Polymarket reached a $9 billion valuation in October 2025 after ICE committed to invest up to $2 billion.
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