Prediction markets worth as much a $10 billion

Polymarket and Kalshi are eyeing up investments that could value them close to $10 billion, according to industry reports.

Two of the most prominent prediction market operators, Polymarket and Kalshi, are reportedly in talks to secure significant new funding rounds that could push their valuations into the multi-billion-dollar range.

Polymarket is exploring a financing round that could value the firm between $9 billion and $10 billion, while Kalshi is said to be nearing a $5 billion valuation through its own capital raise.

Prediction markets are positioned somewhere between sportsbooks, the stock market, and old-fashioned prop bets. They allow users to buy and sell contracts tied to the outcome of real-world events, effectively placing bets on political, economic, or cultural developments.

Alternative assets? 

Polymarket, a decentralised platform built on blockchain technology, has grown in popularity for offering markets on a wide range of global topics. Kalshi, meanwhile, operates under regulatory approval from the U.S. Commodity Futures Trading Commission (CFTC), which allows it to run event-based contracts in a more traditional financial structure.

Industry analysts note that the strong interest in both firms highlights growing institutional and retail appetite for prediction markets as alternative assets. While gambling is often restricted to casinos or sportsbooks, these platforms market themselves as tools for price discovery and public forecasting.

Just this week, the betting market for the richest person in the world at the end of 2025 caught a lot of attention, with Elon Musk being the current favourite with both Polymarket and Kalshi.