Kalshi and Polymarket each eyeing ~$20B valuations in fresh funding talks

Two venues explore higher valuations

Kalshi and Polymarket have each begun preliminary discussions with investors about fresh funding at valuations of roughly $20B, according to The Wall Street Journal, as cited in the supplied report.

The targets would represent approximately twice the venues’ late-2025 valuations. The available summary cites an $11B valuation for Kalshi, but cuts off before providing further details about that funding or Polymarket’s earlier valuation.

Talks remain preliminary

The distinction between a fundraising target and a completed transaction is central to the report. Both companies are described as being in early-stage talks, rather than having secured funding at the proposed valuations.

The supplied report was published on Oct 12, 2026, at 10:24 PM ET. The full text from gamblerss.com was unavailable, and the summary does not identify prospective investors, proposed investment amounts or a timetable for completion.

What it means for prediction markets

• The roughly $20B figures are valuation targets under discussion—not confirmed transaction values.
• For readers tracking the growth of prediction-market venues, the talks indicate an effort by both companies to raise their valuations substantially above late-2025 levels.
• The available material concerns company financing. It does not establish changes to market offerings, trading liquidity or contract-resolution procedures.