Kalshi Gains Edge Over Polymarket in Valuation Race
Kalshi secures a $22 billion valuation, surpassing its rival Polymarket.
1Kalshi's Rise
Kalshi, the largest prediction market in the U.S., has reached a $22 billion valuation, overtaking its main competitor Polymarket. A $1 billion investment round led by Coatue Management has strengthened its position.
2Intense Rivalry
Kalshi and Polymarket are locked in a fierce battle for dominance in the prediction market industry. Both companies were eyeing $20 billion valuations in March.
3Polymarket's Move
Polymarket made headlines by announcing an exclusive partnership with MLB, gaining visibility ahead of the new baseball season.
4Promotional Wars
Kalshi offered free groceries to New Yorkers in February, taking the lead in the competition. Polymarket responded a week later by opening its own pop-up grocery store.
5Regulations and Comeback
Kalshi grew after receiving CFTC approval in 2020. Polymarket, banned in the U.S. in 2022, made a comeback in 2025. Both companies face regulatory challenges.
6Controversies and Challenges
Prediction markets are grappling with legal issues and insider trading allegations. Kalshi faces charges in Arizona for illegal gambling, while both platforms are dealing with lawsuits.
Original article: Fortune | FORTUNE — Kalshi, Polymarket Rekabetinde Öne Geçti