WSJ: Kalshi and Polymarket each chasing ~$20B valuations

Funding talks target roughly $20B apiece

Kalshi and Polymarket are each seeking valuations of approximately $20B in new funding rounds, according to The Wall Street Journal reporting cited in the supplied summary. Both prediction-market platforms are in early-stage discussions with investors.

The potential 10-figure rounds remain uncertain. There is no guarantee that either transaction will close at the valuation being sought, making the figures fundraising targets rather than completed financing marks.

Kalshi’s previous funding benchmark

Kalshi raised $1B at an $11B valuation in December 2025, according to the supplied summary. Its latest valuation target would represent a substantial increase from that financing.

The report, published Oct 12, 2026 at 6:54 PM ET, puts both platforms at roughly the same prospective valuation. The available material does not specify the investors involved, the exact amount either platform hopes to raise or a closing timetable.

What it means for prediction markets

• Targets are not completed deals: The roughly $20B valuations describe what the platforms are pursuing, not terms investors have definitively accepted.
• Kalshi has a disclosed comparison point: Its December 2025 round provides an $11B valuation benchmark against which to assess any eventual financing.
• Confirmation remains the key development: For readers tracking prediction-market businesses, final valuations and amounts raised would distinguish the outcome from these preliminary talks.