Prediction market platforms Kalshi and Polymarket are reportedly considering new fundraising rounds that could value each company at around $20 billion.
According to a report by the Wall Street Journal, the firms have held preliminary discussions with potential investors about raising fresh capital at significantly higher valuations than their previous funding rounds.
However, the negotiations remain at an early stage and there is no guarantee that deals will be finalized or that the targeted valuations will be achieved.
Kalshi was last valued at approximately $11 billion after raising $1 billion in December from investors including Paradigm and Sequoia Capital.
The potential fundraising comes at a time when prediction markets are gaining increased popularity but also attracting regulatory attention.
Recent suspiciously timed bets on possible US and Israeli strikes on Iran on Polymarket raised concerns about insider trading and prompted lawmakers to consider stronger regulatory oversight.
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