Yueqi Yang

Prediction market platform Kalshi has reached over $2 billion in annualized revenue, roughly tripling from November, driven by increased trading volume in sports betting markets including NBA and World Cup games. The company's leadership is in early-stage informal discussions with investment banks about a potential initial public offering, with banks being asked to integrate Kalshi's platform for their institutional clients. A public listing is not expected until late 2027 at the earliest, or possibly 2028.

Circle, the stablecoin issuer behind USDC, raised $222 million for Arc, a planned blockchain focused on stablecoin infrastructure, at a $3 billion valuation. The funding round included backing from a16z crypto and other investors. The announcement coincided with Circle reporting revenue growth, driving a 16% stock price jump on Monday. The capital will support Arc's development as Circle expands beyond its core stablecoin business into blockchain infrastructure.

Polymarket, a prediction market platform, is in talks to raise $400 million at a valuation of approximately $15 billion, including the new capital. This would add to the $600 million already committed by Intercontinental Exchange, the parent company of the New York Stock Exchange, announced last month. The round could reach $1 billion total with additional strategic investors beyond ICE.