Polymarket Fields Offer for $9 Billion Valuation; Kalshi Nears $5 Billion Valuation

Startups that enable people to bet on events such as the New York mayoral race, NFL games and the Federal Reserve rate decisions are in talks to raise more money at multi-billion-dollar valuations, as trading volume and rivalry between the two apps intensifies.

Polymarket has considered an offer that would value the company as much as $9 billion, according to people who have spoken to the company’s leaders. That would be a huge jump in price for the startup, which raised money at a $1 billion valuation earlier this summer and is on the cusp of re-entering the U.S. market, but doesn’t yet generate revenue.