Kalshi's valuation doubles within weeks, prediction market forms a duopoly pattern

Jinse Finance reported that prediction markets have rapidly become a new hotspot in the crypto and fintech sectors. Kalshi received over $1.3 billion in new capital this quarter, with its valuation soaring from $5 billion to $11 billion within weeks. Its competitor Polymarket is also negotiating new financing, targeting a valuation between $12 billion and $15 billion. Market capital is highly concentrated on the Kalshi and Polymarket platforms, with investors betting that the two will form a duopoly in prediction markets and become the core venues for event risk and sentiment data trading. Both platforms have benefited from a clearer regulatory path in the United States: Kalshi operates as a CFTC-licensed exchange, while Polymarket has just received CFTC approval to re-enter the US market.