# Kalshi Gains Edge Over Polymarket in Valuation Race Kalshi secures a $22 billion valuation, surpassing its rival Polymarket. - **Source:** [Fortune | FORTUNE](https://brifing.si/source/769282ef-327a-4454-909a-3c7936216004) - **Published:** 2026-03-20 - **Topic:** [Finance](https://brifing.si/c/finance) - **Original article:** - **On Brifing:** https://brifing.si/s/7411d6c4-0570-41fd-8ce9-40f7551d92b4 ## Kalshi'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. ## Intense 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. ## Polymarket's Move Polymarket made headlines by announcing an exclusive partnership with MLB, gaining visibility ahead of the new baseball season. ## Promotional 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. ## Regulations 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. ## Controversies 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. ## Sources covering this story - https://fortune.com/2026/03/20/kalshi-locks-in-22-billion-valuation-gaining-slight-edge-over-its-rival-polymarket/ — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._