Kalshi's valuation has skyrocketed from $5 billion to $11 billion in a matter of weeks, following a successful capital raise of over $1.3 billion this quarter. This surge positions Kalshi alongside Polymarket as dominant players in the prediction market sector. Polymarket is also pursuing additional funding, targeting a valuation between $12 billion and $15 billion. Both platforms are capitalizing on improved regulatory clarity in the U.S. Kalshi operates as a CFTC-licensed exchange, while Polymarket has recently secured CFTC approval to re-enter the U.S. market, reinforcing their competitive edge in the industry.