Polymarket and Kalshi plan to raise funds, with valuations possibly reaching $9 billion and $5 billion respectively

Jinse Finance reported that event prediction market platforms Polymarket and Kalshi are considering new rounds of financing, with valuations potentially reaching 9 billion USD and 5 billion USD, respectively. Polymarket was valued at only 1 billion USD during its fundraising this summer, but now investors may offer term sheets valuing it as high as 10 billion USD, and it has already received approval from the US Commodity Futures Trading Commission (CFTC) to re-enter the US market. Its competitor Kalshi is also close to completing new financing, with its valuation soaring to 5 billion USD, up from 2 billion USD a few months ago. In terms of trading volume in August, Polymarket reached about 1 billion USD, while Kalshi was around 875 million USD. Polymarket's investors include Peter Thiel's Founders Fund, while Kalshi's investors include Paradigm and Sequoia Capital.