Kalshi's $40 billion valuation stands at nearly twice Polymarket's $21 billion, and the eight remaining top-10 prediction markets are worth $7.2 billion combined, per DropsTab data as of 12 November. Kalshi and Polymarket alone account for $61 billion of the $68.2 billion top-10 field. The ranking arrives as Polymarket cuts staff and restructures, a year after Fortune called it worth nearly twice Kalshi.
Kalshi's valuation is nearly double Polymarket's, and the two dwarf the other eight markets, worth $7.2B combined.
Kalshi leads the prediction markets valuation ranking
Kalshi closed a $1 billion Series G on 29 October 2026 at a $40 billion post-money valuation, per DropsTab data, with Sequoia Capital and Wellington Management co-leading. FinanceFeeds reported the new mark 82% above the $22 billion attached to the Series F in May. DropsTab data traces the platform from a $1.5 million valuation in 2019.
Kalshi reported the round metrics itself: annualized trading volume above $1 trillion, more than 30 million accounts, and over 75% of prediction-market trading volume. Those figures carry no audited financials and no income statement. The revenue claim covers non-sports markets alone.
Polymarket holds second at $21 billion
Polymarket raised $1 billion at a $21 billion post-money valuation in a round led by 1789 Capital. DropsTab data records the close on 31 August 2026, and CoinDesk reported the announcement a day later. Intercontinental Exchange, the NYSE's owner, has about $2.6 billion in the platform across two rounds.
Yahoo Finance reported Polymarket trailing Kalshi in monthly trading volume. Our research put Kalshi at four to five times Polymarket's global volume by July 2026, after Polymarket led monthly volume for most of 2025.
The staff cuts fit a restructuring with several drivers at once. A Reuters source said contractors made up more than half of those affected. Reports of roughly 30% of the workforce dismissed are disputed, and no official headcount exists. The restructuring is no cash crunch: annualized revenue passed $1.8 billion in November, up from more than $1 billion in June, FinanceFeeds noted, though run-rate figures are unaudited.
The valuation ranking behind the top two
OG.com ranks third at $5 billion per DropsTab data, with no publicly reported round behind the figure. Coverage shows OG.com launching in February 2026 under Crypto.com and announcing a spin-off in September. predict.fun holds fourth at $1.04 billion per DropsTab data, against a $1.43 billion PREDICT pre-market valuation on Binance Futures on 26 October.
Below the top four the field thins: Novig at $500 million, Onyx Odds at $220 million, K25.ai at $200 million, Pascal at $90 million, River Markets at $85 million and Noise at $71 million. Valuations run from $5 billion at rank 3 down to $71 million at rank 10, and the whole tail is worth roughly a third of Polymarket's $21 billion.
Kalshi has confirmed no listing since NYT DealBook reported IPO speculation on 29 October. Polymarket faces a reported CFTC probe of its 2022 settlement, with no enforcement finding, and Yahoo Finance reports pressure on CEO Shayne Coplan ahead of a potential 2027 IPO.