Lawmakers are pushing new regulation for prediction markets after suspiciously timed Polymarket bets on US and Israeli strikes on Iran raised insider-trading concerns.
Prediction market platforms Kalshi and Polymarket are reportedly exploring new fundraising rounds that could value the companies at around $20 billion each, roughly double their most recent valuations.
Both platforms have held preliminary discussions with potential investors about raising fresh capital at the elevated valuation, the Wall Street Journal reported on Friday, citing people familiar with the matter. The report noted that the negotiations remain at an early stage and may not result in deals or secure the targeted valuation.
Kalshi currently operates in the United States and offers markets allowing users to wager on outcomes tied to sports, politics, the economy and cultural events. The company was last valued at about $11 billion in December when it raised $1 billion from investors including Paradigm and Sequoia Capital.
