Can Polymarket Overtake Kalshi? $20B Valuation Talks Begin
Key Insights:
- Polymarket seeks $1B at a valuation exceeding $20 billion.
- Revenue topped a $1.2B annualized run rate after its U.S. platform launch.
- New funding could more than double Polymarket’s October 2025 valuation.
Polymarket is exploring another fundraising round that could value the prediction market platform at more than $20 billion.
The talks come only months after the company completed a financing round at a $15 billion valuation. The latest negotiations also follow the launch of its regulated U.S. exchange and an increase in annualized revenue.
If the round closes, it would be more than double Polymarket’s previously reported $9 billion valuation from October 2025. It will also narrow the gap with rival Kalshi, which reached a $22 billion valuation after its May funding round.
Polymarket Valuation Rises After Expansion
The latest fundraising effort follows a previously unconfirmed financing round that closed in April. Wu Blockchain shared in the recent X post that based on the transaction, Polymarket raised about $1 billion at a $15 billion valuation.
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