PitchBook, part of Morningstar, initiates late — stage coverage of prediction markets Kalshi, Polymarket

Morningstar highlighted new PitchBook late-stage research coverage of prediction markets, focusing on Kalshi, with Polymarket coverage due Sept. 30. Analysis models trading activity, product mix, fees, costs, profit, cash flow through 2030 to frame long-term business durability. Report tests valuation sensitivity to growth, monetization, profitability, regulatory outcomes to gauge what current pricing implies for future performance. Coverage flags state-by-state, international regulatory risk as a key driver of economics, with court decisions cited as potential industry inflection points. Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Morningstar Inc. published the original content used to generate this news brief via (Ref. ID: 20260923262910) on September 24, 2026, and is solely responsible for the information contained therein. (C)