Kalshi raised $185 million in a Series C round at a $2 billion valuation on 25 June, reportedly. Polymarket was also reportedly in the process of closing a $200 million round at a $1 billion valuation, and agreed in July to acquire QCEX for $112 million.
The reported financing and acquisition plans indicate capital and market-entry activity among prediction-market companies.
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Kalshi is exploring another capital raise that could value the prediction-market company at about $40bn as early as the third quarter, according to the report. Its latest fundraising round valued it at about $22bn; Donald Trump Jr.’s earlier equity grant was reportedly worth about $300,000 when Kalshi’s valuation was below $2bn.
Kalshi reportedly raised $1 billion in a financing round that values the prediction-market operator at $22 billion. The reported valuation is double the figure following its December 2025 financing; investors led by Coatue Management reportedly participated.
Ohio state senator Bill DeMora is seeking renewed action on two bills covering sports prediction markets and election betting. SB 430 would bring sports-outcome contracts under Ohio’s sports-gambling rules, while SB 479 would extend the ban on election wagers to prediction-market platforms; neither bill has received a Senate floor vote.
Polymarket and Crypto.com-owned OG.com filed separate federal lawsuits against Arkansas officials, seeking to prevent enforcement of state gambling laws against their event-contract markets. Both companies cite the state’s recent case against Kalshi as evidence that they could face enforcement; the suits argue federal law pre-empts Arkansas law.
Robinhood and Polymarket filed separate federal lawsuits seeking to stop Missouri officials from enforcing gambling laws against their sports event contracts. Both argue that federal commodities law gives the Commodity Futures Trading Commission exclusive jurisdiction; Missouri Attorney General Catherine Hanaway has separately filed counterclaims alleging Novig violated federal and state laws.
Robinhood and Polymarket filed separate federal lawsuits seeking to stop Missouri officials from applying gambling laws to their sports event contracts. Both companies argue that the Commodity Futures Trading Commission (CFTC) has exclusive jurisdiction over the products, rather than state gambling regulators.