Kalshi and Polymarket both reportedly eyeing $20B valuations

Funding talks point to higher valuations

Kalshi and Polymarket are each reportedly discussing new funding that could put their valuations near $20B, according to a Wall Street Journal report cited by gamblerss.com.

The report recirculated overnight ahead of the Oct 12, 2026 publication. The discussions are described as early-stage, so the reported valuations remain potential outcomes rather than completed financing terms.

For Kalshi, a valuation near $20B would represent an increase from the $11B valuation attached to its Series E in December. The available summary does not provide a comparable earlier valuation for Polymarket.

The source page was unavailable, and the supplied summary is incomplete. It does not establish how much either venue is seeking to raise, who might invest or when an agreement could be reached.

What it means for prediction markets

• Talks are not completed deals: The report signals possible funding outcomes for both venues, not confirmed rounds or final valuations.
• Kalshi has a stated benchmark: Its $11B Series E valuation in December provides a comparison for the proposed near-$20B level; the supplied material offers no equivalent benchmark for Polymarket.
• Key details remain unresolved: Funding amounts, investor participation and timing are not established by the available material.