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Kalshi's valuation doubles in weeks, predicting a duopoly in the market

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2025-11-27 20:46:05
Prediction markets are fast becoming the new trend in crypto and fintech. Kalshi was boosted by more than $1.30 billion in new capital this quarter, with a valuation soaring from $5 billion to $11 billion in a matter of weeks. Rival Polymarket is also in talks for a new funding round with a target valuation of $12 billion to $15 billion.
Market capital is highly concentrated on the Kalshi and Polymarket platforms, which investors are betting will form a prediction market duopoly and become a central venue for trading event risk and sentiment data. Momentum on both platforms has benefited from a clearer US regulatory path: Kalshi is a licensed CFTC exchange, and Polymarket has just received CFTC approval to re-enter the US market.
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