Polymarket and Kalshi: Who Will First Achieve a $15 Billion Valuation?

Platforms are negotiating new investment rounds.

The prediction platform Polymarket is in talks to raise new investments at a valuation of $12-15 billion, according to Bloomberg, citing informed sources.

Since the beginning of the year, the project has conducted several funding rounds. In June, the platform received $150 million from Peter Thiel’s Founders Fund, and in October, $2 billion from Intercontinental Exchange, which owns the NYSE.

As a result, Polymarket’s valuation reached $9 billion, and its founder and CEO, Shayne Coplan, became the youngest billionaire.

The Race for Investments

Almost simultaneously, Bloomberg reported that another major prediction platform, Kalshi, received a funding offer from several venture investors. The project’s valuation could reach $10-12 billion.

In early June, the platform raised $185 million led by Paradigm, and in October, $300 million from Andreessen Horowitz, Sequoia Capital, Coinbase Ventures, General Catalyst, Spark Capital, and CapitalG.

Amid recent investments, Kalshi’s annual trading volume reached $50 billion, emphasized its CEO, Tarek Mansour.

Kalshi recently raised $300M+ at $5B from Sequoia, a16z, Paradigm and others.

Since then, we’ve grown over 3x, hit $50B of annualized volume, and became the largest prediction market in the world.

And today…Kalshi goes global.

140+ countries. 1 liquidity pool. pic.twitter.com/Z2myzRw9bA

— Tarek Mansour (@mansourtarek_) October 10, 2025

He also added that the platform has opened access to users from more than 140 countries.

Challenges and Expansion

Both platforms previously faced scrutiny from U.S. regulators.

The CFTC initiated an investigation into Polymarket at the end of 2021, accusing it of illegally offering swaps and binary options to American clients. In 2022, the platform settled the dispute by paying a $1.4 million fine. However, in 2024, the project attracted interest from the FBI.

In July this year, Coplan announced the official closure of the case against Polymarket. The platform is now actively preparing to return to the U.S. — as part of the preparation, it has already acquired the regulated derivatives exchange QCEX for $112 million.

Recently, Polymarket added support for Bitcoin and launched markets allowing predictions on the rise or fall of stocks, indices, and commodities. This strengthened the project’s position and presence in the traditional finance sector — previously, Polymarket lost its status as a leader in the prediction market.

In September, Kalshi captured a large part of the segment, now operating in the U.S. as a CFTC-regulated platform.

In 2024, the regulator attempted to prohibit the platform from launching prediction markets on the outcome of the U.S. presidential elections, but the court ruled that the Commission had exceeded its authority. Consequently, the CFTC withdrew its claims.

Experts linked Kalshi’s success to bets on sporting events, which have become one of the fastest-growing sectors in the U.S.

Earlier, the head of the cryptocurrency department of the company stated that within the next year, the platform will become part of all major blockchain applications and exchanges.