Kalshi's valuation has doubled in weeks, predicting a duopoly in the market.

According to Odaily Planet Daily, prediction markets are rapidly becoming a new hotspot in the crypto and fintech sector. Kalshi secured over $1.3 billion in new capital this quarter, causing its valuation to surge from $5 billion to $11 billion within weeks. Its competitor, Polymarket, is also in talks for new funding, targeting a valuation of $12 billion to $15 billion.

Market capital is highly concentrated on the Kalshi and Polymarket platforms, with investors betting that they will form a duopoly in the prediction market, becoming the core venue for trading event risk and sentiment data. Both platforms benefit from a clearer US regulatory path: Kalshi is a CFTC-licensed exchange, and Polymarket has just received CFTC approval to re-enter the US market.