Polymarket's latest valuation is $15 billion, marking its second funding round in a month; however, it still trails Kalshi's $22 billion valuation.

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Prediction market Polymarket is in talks for a new $400 million funding round at a $15 billion valuation, just one month after closing a $600 million round. Bloomberg noted that although Polymarket's valuation has risen from $9 billion within a year, it still trails the $22 billion valuation of its main competitor, Kalshi. (Previous coverage: Polymarket approved by CFTC to return to the US as a "Designated Contract Market") (Background: Paving the way for Musk's entry into crypto? X platform partners with prediction market Polymarket) According to reports, Polymarket is negotiating to raise $400 million from new investors at a $15 billion valuation. Just last month, the prediction market platform completed a $600 million funding round; combined, Polymarket is attempting to attract over $1 billion in new capital within a few weeks. Launching a second funding round within a month. Bloomberg cited sources stating that ICE has already committed $1.6 billion, yet a significant gap with Kalshi remains. Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, has planned to invest $2 billion in Polymarket, with approximately $1.6 billion already in place, and stated last month that it had "fulfilled its obligations." This endorsement from a traditional finance giant was once seen by the market as a landmark event for prediction markets entering the mainstream. However, even with the backing of ICE, Polymarket's valuation landscape is still overshadowed by its competitor, Kalshi. Bloomberg pointed out that Kalshi's most recent funding round raised $1 billion at a $22 billion valuation, nearly 50% higher than Polymarket's $15 billion. With both platforms centered on prediction markets, the widening valuation gap reflects differing market assessments regarding their regulatory paths and growth ceilings. Polymarket's valuation last year was $9 billion, which was the pivotal moment when ICE announced its investment. In less than a year, the valuation has risen to $15 billion; while the absolute figure looks impressive, in terms of the competitive landscape, Polymarket has not won the valuation race. Regulatory Tug-of-War: State Gambling Laws vs. Federal CFTC Jurisdiction The U.S. Commodity Futures Trading Commission (CFTC) maintains that prediction markets fall under federal regulatory jurisdiction and can therefore operate legally nationwide without individual state gambling licenses. If this position is finalized, it would be a major boon for both Polymarket and Kalshi, meaning they would not have to fight regulatory battles state by state. However, some state governments do not accept the CFTC's interpretation, insisting that prediction markets are gambling activities and should be regulated by state laws. This tug-of-war over jurisdiction between federal and state authorities remains unresolved and has become the biggest uncertainty for the platforms' expansion. Bloomberg noted that Polymarket currently positions its main business as an international exchange and does not open to U.S. customers. Meanwhile, the platform is testing a new application for the U.S. market, attempting to find an entry point within the regulatory gray area. Kalshi, on the other hand, has taken a different path: by obtaining the status of a CFTC-approved Designated Contract Market, it is entering the U.S. market head-on with a compliant posture.

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