Polymarket, a decentralized crypto prediction market platform, is nearing the close of a $200 million funding round that would value the company at over $1 billion. The round is reportedly led by Founders Fund, a venture capital firm associated with Peter Thiel, and includes a previously undisclosed $50 million investment. This fundraising effort is expected to support Polymarket's expansion and regulatory initiatives. Meanwhile, Kalshi, a federally regulated prediction market competitor, has recently raised $185 million in a Series C funding round led by Paradigm, a crypto-focused venture capital firm. This round values Kalshi at approximately $2 billion. Other investors in Kalshi's round include Sequoia Capital, Multicoin Capital, Peng Zhao, Neo, and Bond Capital. Kalshi's regulatory status allows it to operate within the U.S. market, unlike Polymarket, which lacks Commodity Futures Trading Commission (CFTC) registration and is inaccessible to U.S. users. Both companies have gained prominence for their prediction markets, which cover events such as elections and economic data, and have attracted substantial venture capital interest in 2025.