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- Polymarket, Kalshi said to seek fresh rounds at up to 2x jump in valuation
Polymarket, Kalshi said to seek fresh rounds at up to 2x jump in valuation
Bay Area Times
October 23, 2025
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Top stories today:
- Polymarket, Kalshi seek fresh rounds at up to 2x jump in valuation
- Google touts quantum leap as Willow chip runs algorithm 13,000x faster
- Tesla Q3 revenue +12% YoY to $28.1B, net income -37% to $1.4B
- a16z said to target record $10B raise for AI, defense tech bets
- IBM Q3 revenue +9% YoY to $16.3B, net income hits $1.7B
- Crypto market cap tops $4T in 2025
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
All times are ET.
Listen to our AI-generated podcast summarizing todayās newsletter (beware of hallucinations):
1. Polymarket, Kalshi said to seek fresh rounds at up to 2x jump in valuation
$12B-$15B is the valuation Polymarket is targeting for its next funding round.
$10B-$12B or higher are the valuations Kalshi is said to be discussing for its next round.
Relatedly, the NHL has signed multiyear licensing agreements with Polymarket and Kalshi to allow them to use its trademarks.
2. Google touts quantum leap as Willow chip runs algorithm 13,000x faster
The Willow chip ran the āQuantum Echoesā algorithm 13,000 times faster than the worldās best supercomputer, Google said.
The algorithm is verifiable and can be repeated on another quantum computer.
āThe key thing about verifiability is itās a huge step in the path toward a real world application,ā Google Quantum AIās staff research scientist Tom OāBrien said.
Medicine and materials science are among the potential applications of the breakthrough.
Alphabet shares rose as much as 2.4% Wed. on the announcement.
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4. Tesla Q3 revenue +12% YoY to $28.1B, net income -37% to $1.4B
