PitchBook adds Kalshi and Polymarket to its late-stage company research coverage

PitchBook, the leading private capital market intelligence platform, today announced Kalshi and Polymarket as its next set of late-stage company research, delivering dedicated, ongoing analysis of the world’s most influential private companies. The research assesses the companies’ relative competitive positions, their ability to build durable, profitable prediction-market businesses, and their readiness for public-market scrutiny.

PitchBook Senior Research Analyst, Private Company Coverage, Franco Granda developed company-specific financial models through 2030 linking trading activity and product mix to fees, operating costs, profits, and cash flow to provide investors with a clear view of where the companies may be by 2030.

The research will also cover:

• Valuation estimates under various scenarios. This shows how changes in growth, monetization, profitability, and regulatory conditions could affect each company’s potential value. This gives readers a basis for weighing what investors are paying today against the level of future performance that price requires.
• State-by-state and international regulatory risk analysis. The research assesses where restrictions could emerge, how consequential they could be, and how different regulatory developments could impact each company's economics — helping readers distinguish jurisdictions with near-term legal risk from those with the greatest potential business impact.
• A standardized assessment of private-company business quality. PitchBook's Private Business Quality framework (PBQ) evaluates each company across capital efficiency, revenue quality, strategic performance, governance, and competitive durability — making their strengths and weaknesses comparable to other late-stage companies, while keeping the underlying analyst judgments visible.

"Prediction markets have exploded in popularity in recent years, bringing both commercial opportunity and greater regulatory scrutiny. We are delighted to be launching coverage of Kalshi and Polymarket at a pivotal time in their history, as the industry moves beyond the World Cup toward the US midterm elections and court decisions that could reshape how these businesses operate," said Franco Granda, Senior Research Analyst at PitchBook.

This research follows PitchBook’s late-stage company coverage of SpaceX and continued analysis of AI-focused late-stage companies including Anthropic, OpenAI, Databricks, and SSI.

To download the report on Kalshi, click here. Coverage of Polymarket will be available September 30.

About PitchBook, a Morningstar company

As the pulse of private capital markets, PitchBook delivers trusted, real-time data, research, and technology to help investors, dealmakers, and innovators make decisions with confidence. Its products provide comprehensive information on companies, investors, funds, deals, and people, along with tools that help professionals analyze market activity and make informed decisions. Founded in 2007, PitchBook today serves more than 100,000 clients worldwide and is recognized as the leading source of private capital market intelligence. PitchBook has grown to over 3,000 employees across offices in Seattle, San Francisco, New York, London, Singapore, Mumbai, and other global locations. Since 2016, PitchBook has operated as a subsidiary of Morningstar, Inc.

For more information, visit www.pitchbook.com.

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