"Kalshi's valuation comes as the company trades punches with Polymarket in a heavyweight duel for the top spot in the prediction market industry. Earlier in March, both companies were reportedly eyeing valuations of $20 billion each."
"The rise of prediction markets has not occurred without its share of controversies. On Tuesday, Arizona filed criminal charges against Kalshi for operating an illegal gambling operation in the state, and the company is facing more than 20 lawsuits about its legal status."
Kalshi, the largest prediction market in the U.S., has achieved a $22 billion valuation, outpacing its competitor Polymarket. Coatue Management is leading a $1 billion investment round. Both companies are in fierce competition, with Polymarket recently announcing a partnership with MLB. Kalshi gained popularity after receiving CFTC approval in 2020 and introduced sports wagers in 2025. However, Kalshi faces legal challenges, including criminal charges from Arizona and over 20 lawsuits regarding its operations, while Polymarket has also dealt with regulatory issues and controversies over insider trading.
Read at Fortune
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