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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 2028 projected fees, well below Kalshi’s current figure.
The model benchmarks against Kalshi, DraftKings (NASDAQ:DKNG), and traditional exchange infrastructure, then discounts for fee multiple …
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