Polymarket and Kalshi plan to raise funds, with a valuation of $9 billion and $5 billion

Golden Finance reported that event prediction market platforms Polymarket and Kalshi are considering a new round of financing, with valuations that may reach US$9 billion and US$5 billion respectively. Polymarket's valuation was only $1 billion when it raised funds this summer. Now, investors may have issued a conditional letter of up to $10 billion, and has been approved by the U.S. Commodity Futures Trading Commission (CFTC) to return to the U.S. market. Its rival Kalshi is also close to completing new financing, with a valuation that has risen sharply to $5 billion, up from $2 billion a few months ago. In terms of trading volume in August, Polymarket was about $1 billion and Kalshi was about $875 million. Polymarket investors include Peter Thiel's FoundersFund, while Kalshi's investors include Paradigm and Sequoia Capital.