Prediction markets have evolved from a crypto curiosity into the most voracious new asset class in finance — and the battle to own them is only getting started. Kalshi's valuation trajectory tells the story: $5 billion in October, $11 billion in December, $22 billion in May, and now a reported hunt for $40 billion.

Evidence For

• Kalshi is in talks to raise new capital at a $40 billion valuation, nearly doubling its May price tag in under two months....