Kalshi and Polymarket in early talks to raise funds at $20 billion valuations, twice their late-2025 rounds

Prediction market operators Kalshi and Polymarket are in preliminary discussions with investors about fundraises that would value each firm near $20 billion, roughly double their most recent rounds in late 2025. The push for higher valuations follows a surge in trading activity and revenue but coincides with intensifying scrutiny from U.S. lawmakers and regulators over contracts tied to geopolitical and government actions.