Kalshi is reportedly targeting a $40 billion valuation, while Polymarket is aiming for $20 billion, according to a Benzinga opinion piece. Polymarket was valued near $8 billion when Intercontinental Exchange committed $2 billion to it last October. The article questions whether either platform is actually exploring an IPO.

The gap between Kalshi's reported $40B target and Polymarket's $20B target signals divergent investor confidence in regulated versus crypto-native prediction market models, even as both remain private.