Why Polymarket's $20 Billion Valuation Ask Might Actually Be Conservative.

Kalshi just raised at an 83.5x fee multiple. If you apply even a fraction of that to Polymarket’s projected fees, the platform’s reported $20 billion valuation target starts to look like a discount.A new valuation report from Messari researcher 0xWeiler builds the case from the ground up. Kalshi raised $1 billion at a $22 billion valuation on March 19, led by Coatue Management. With $263.5 million in 2025 fees, that establishes the 83.5x benchmark.0xWeiler’s base case for Polymarket uses a 30x multiple on 2 ...