Prediction market platform Kalshi has raised $1 billion in a recent funding round, boosting its valuation to $11 billion, surpassing Polymarket's current valuation of $9 billion. Kalshi's investor base is heavily rooted in traditional finance, with backing from prominent firms like Sequoia Capital and CapitalG, Google's growth fund. This positions Kalshi as a major player in the regulated fintech space, leveraging its CFTC-regulated status. In contrast, Polymarket, which is seeking to raise $1.2 to $1.5 billion, is supported by crypto-native investors such as Founders Fund and Polychain Capital. Notable individual backers include Ethereum co-founder Vitalik Buterin and AngelList founder Naval Ravikant. The competition between these platforms highlights the ongoing tension between decentralized crypto-native approaches and traditional finance's regulatory focus.