Overview
- Polymarket is in talks to raise at roughly a $12–15 billion valuation, after ICE agreed in October to invest up to $2 billion at an $8–9 billion valuation.
- Kalshi has reportedly closed a $1 billion round valuing the firm at $11 billion, with data showing about $50 billion in annualized trading volume and $4.4 billion in October trades.
- Polymarket reports 2025 growth to $18.1 billion in total volume and a jump in daily users to nearly 58,000, with November projected at $3.5 billion; sector-wide notional volume set a record in early November, per Dune.
- Polymarket regained a U.S. path via its QCEX acquisition and a CFTC no-action letter and is running a closed beta for American users, while Kalshi sued New York regulators after earlier winning a federal election-markets case.
- ICE will distribute Polymarket data to institutional clients and collaborate on tokenization, sports partnerships expanded across leagues, and Polymarket says it plans a 2026 POLY token with an airdrop.