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Kalshi’s $185 million funding round was confirmed by the company and lead investor Paradigm in June 2025. Polymarket’s reported $200 million raise was a different kind of news: it was described as a proposed deal, not a finalized transaction. Those figures are now historical; later reports put both companies’ financing and valuations substantially higher.
What happened in June 2025?
On June 25, 2025, TechCrunch reported that Kalshi had raised $185 million in a round led by Paradigm, valuing the prediction-market company at $2 billion post-money. Representatives of both Kalshi and Paradigm confirmed the financing to TechCrunch. TechCrunch’s June 25, 2025 report also relayed Bloomberg’s report that Polymarket was seeking $200 million at roughly a $1 billion pre-money valuation, with Founders Fund leading.
Kalshi’s round was confirmed
Kalshi’s $185 million financing was reported as completed, with confirmation from the company and Paradigm. Paradigm co-founder and managing partner Matt Huang described the firm’s investment thesis this way: “Prediction markets remind me of crypto 15 years ago: a new asset class on a path to trillions.” That is Huang’s view as an investor, not an independently established forecast.
Polymarket’s proposed raise was not final
The Polymarket figure was attributed to Bloomberg’s reporting, as relayed by TechCrunch. At the time TechCrunch published, sources said the deal was not final, and Founders Fund declined to comment. The available reporting does not establish whether that specific $200 million transaction later closed on the reported terms.
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Why the two valuations are not directly comparable
Kalshi’s reported $2 billion valuation was post-money, meaning after the new investment. Polymarket’s roughly $1 billion figure was pre-money, meaning before the proposed new capital. A pre-money figure excludes the incoming funds; a post-money figure includes them. Because the Polymarket deal was not final at publication and its terms were reported as approximate, the headline figures should not be read as a clean, like-for-like valuation comparison.
How the companies’ reported financing changed afterward
The June 2025 figures are a historical snapshot, not the latest reported valuations. Later coverage described further financing for both firms:
| Company | Later reported financing | What the source establishes |
|---|---|---|
| Kalshi | $1 billion at an $11 billion valuation in November 2025 | TechCrunch reported the round and valuation. TechCrunch, November 2025 |
| Kalshi | $1 billion Series F at a $22 billion valuation, announced in May 2026 | TechCrunch reported the announced round and valuation. TechCrunch, May 2026 |
| Polymarket | $2 billion raised in November 2025 at an $8 billion valuation | Reported in Rothschild & Co’s June 2026 update; not presented here as an audited figure or company-confirmed valuation. Rothschild & Co, June 2026 |
| Polymarket | Reportedly pursuing $400 million–$1 billion at a $15 billion valuation | Rothschild & Co’s June 2026 update describes a further reported financing effort, not a completed raise. |
These later reports do not resolve whether Polymarket’s distinct June 2025 proposal closed on its originally reported terms. Private-company fundraising and valuation figures reported by media or advisers are not the same as audited financial statements, and a reported valuation should not be treated as a public-market price.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the funding story does—and does not—say about the platforms
The rounds reflect investor interest in prediction markets, but funding size alone does not tell a user whether a contract is suitable, whether a market will be available in their location, or how a platform handles a particular event. Product and regulatory details also vary by geography. The Associated Press’s 2026 account distinguishes Polymarket U.S., described as a centralized, CFTC-regulated offering funded in U.S. dollars, from its international service, which uses blockchain and cryptocurrency and offers a broader range of contracts. AP’s 2026 coverage discusses that distinction and the regulatory environment.
That distinction is time-sensitive: availability and applicable rules can change, and a description of one Polymarket service should not be generalized to the other. Todd Phillips, who has written about prediction markets at the Roosevelt Institute, told AP: “Polymarket U.S. is supposed to comply with U.S. law and regulations. Polymarket International is where anything goes.” This is Phillips’s characterization, not a legal finding or a substitute for checking current rules in a user’s jurisdiction.
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