Prediction market platform Kalshi has more than doubled its private valuation to $11 billion in a matter of weeks, following a $1 billion funding round led by Sequoia and CapitalG. This surge comes just after a $300 million Series D round in October that valued the company at $5 billion, highlighting a rapid escalation in investor interest.
The funding race intensifies competition with rival Polymarket, which is reportedly exploring fresh financing at a valuation between $12 billion and $15 billion. Both platforms are dominating the prediction market sector, with Kalshi holding approximately 60% volume market share and Polymarket at around 40%, though Kalshi's metrics are self-reported while Polymarket's are on-chain verifiable.
Open interest has climbed to $320 million for Kalshi and $300 million for Polymarket, approaching peaks seen during the previous U.S. election cycle. November is on track to be the highest-ever volume month for both, driven by growing institutional participation and regulatory clarity.
Regulatory advancements are a key factor, with Kalshi operating as a CFTC-regulated exchange, and the CFTC issuing an amended order this week allowing Polymarket to reenter the U.S. market after a 2022 bar. Polymarket's looming POLY token and airdrop add a speculative layer, attracting further investment in what investors see as a emerging duopoly for event risk trading.
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