WSJ: Kalshi and Polymarket eyeing $20bn valuations in new funding talks

Funding talks target roughly $20bn valuations

Kalshi and Polymarket are each discussing fresh funding with investors at valuations of approximately $20bn, according to the Wall Street Journal. The negotiations are at an early stage.

Those figures represent targets for the fundraising discussions, rather than valuations established by completed deals. The available summary does not specify how much either company is seeking to raise or identify prospective investors.

Kalshi’s most recent financing was a $1bn Series E that closed in December, according to the Wall Street Journal reporting summarized in the supplied material. The summary cuts off before giving that round’s valuation, preventing a comparison with the new target.

The source page at gamblerss.com was unavailable, leaving no further detail on proposed terms or timing. The reported discussions therefore indicate fundraising ambitions, but do not establish that either company has secured investor commitments at approximately $20bn.

What it means for prediction markets

• Talks are not completed rounds: For markets tied to fundraising or company valuations, the distinction between a reported target and a closed transaction is material.
• Key details remain unreported: The available material provides no proposed funding amounts, investor names or expected closing dates.
• Kalshi’s prior round offers limited context: Its $1bn Series E establishes the size of its December financing, but the missing valuation prevents measuring any increase implied by the current discussions.