Kalshi and Polymarket are both seeking funding at a valuation of approximately $20 billion.

Mars Finance reports that prediction market platforms Kalshi and Polymarket are in talks with potential investors for a new funding round, with target valuations of around $20 billion each. Sources say that at the end of last year, both companies were valued at about half that level. As competition in the prediction market intensifies, both sides are accelerating efforts to attract more users and using this to drive negotiations for the new funding round.