Kalshi discussing raise at $40B; both eye IPOs next year

Report points to higher valuations

Kalshi is discussing a fundraising round at a $40B valuation, according to a bonus.com report summarized in the supplied material. The summary puts Polymarket above $20B, but says neither figure is confirmed.

The headline also indicates that both companies are considering IPOs next year. As of the supplied publication time, Oct 12, 2026 · 4:54 PM ET, the material does not establish a confirmed listing plan for either business.

Limited details available

The full bonus.com page text was unavailable. The supplied headline and summary do not identify prospective investors, the amount Kalshi might raise or the basis for Polymarket’s reported valuation.

The distinction between discussions and completed transactions is central here: the material describes potential fundraising and IPO ambitions, not finalized financing or scheduled public offerings.

What it means for prediction markets

• Valuations remain unconfirmed: The $40B figure for Kalshi and above-$20B figure for Polymarket should be treated as reported indications, not completed transaction values.
• IPO timing is tentative: Interest in listing next year does not establish that either company will complete an IPO within that period.
• Resolution wording matters: Markets tied to fundraising or listings may distinguish between reported talks, formal announcements and completed transactions.