Kalshi and Polymarket both eyeing ~$20B valuations

Funding talks point to higher valuations

Kalshi and Polymarket are each pursuing new funding at valuations near $20B, according to Wall Street Journal reporting cited by gamblerss.com. Both platforms are in early discussions with investors.

The report, published Oct 11, 2026, describes potential valuations rather than completed transactions. The material provided does not establish that either platform has secured funding at those levels.

For Kalshi, a valuation near $20B would represent a substantial increase from the $11B valuation associated with its Series E in December, when it raised $1B.

The available summary does not give a comparable previous valuation for Polymarket or specify how much either company is now seeking to raise. With the source page unavailable, further details about investors, terms and timing cannot be confirmed from the supplied material.

What it means for prediction markets

• Discussions are not completed funding rounds. Readers tracking valuation or fundraising outcomes should distinguish early investor talks from an announced transaction.
• Kalshi has a stated benchmark. Its December Series E provides a $11B comparison point; the supplied material offers no equivalent baseline for Polymarket.
• Key terms remain unknown. The reported valuations alone do not establish the size or timing of either potential capital raise.