Other-News
By Bruce Buterin
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From $9 Billion to $20 Billion in Under a Year. The valuation trajectory here is pretty striking. Back in October 2025, Polymarket was being…
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CFTC Designation, State Pushback, and a Waitlist. Polymarket got its CFTC contract market designation on July 9, 2025.
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Kalshi Is Still Ahead — By a Lot. The competitor context matters here. Kalshi closed a $1 billion Series F round at a $22 billion…
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Polymarket wants $1 billion. That's the number floating around private conversations right now, according to sources familiar with the talks.
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So take it as preliminary — because it is. Early-stage fundraising discussions shift constantly, and the gap between a rumored number and a signed deal can be enormous.
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The valuation trajectory here is pretty striking. Back in October 2025, Polymarket was being valued at roughly $9 billion — with an official pre-investment figure closer to $8…
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What's driving that? Revenue, mostly. Polymarket's annualized revenue has reportedly surged past $1.2 billion since April — more than tripling over that stretch.
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Trading volume is moving too. In July, Polymarket's U.S. operations saw a 54% jump in trading volume, hitting $5 billion for the month.
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Polymarket got its CFTC contract market designation on July 9, 2025. That's a real milestone — it gives the company a federal regulatory framework to operate within, which…
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But federal legitimacy doesn't automatically neutralize state-level friction. The Nevada Gaming Control Board filed a civil complaint against Polymarket and QCX, alleging…
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Related: Polymarket Chases $20 Billion Valuation as Kalshi Pushes $40 Billion
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North Carolina took a different path. The state recently passed legislation recognizing CFTC-regulated prediction markets as legal, which is a meaningful shift.
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The U.S. platform rollout itself is still gradual. Access is being managed through a waitlist system, which means the full domestic user base isn't live yet.
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Polymarket at $20 billion would put it close to Kalshi's valuation on paper. Operationally, it's still catching up.
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Polymarket's relationship with Intercontinental Exchange and its crypto settlement infrastructure are probably part of the investor pitch — they're structural advantages that…
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