pitchbook

According to a 46-page report from financial investment data company PitchBook, the market platform Kalshi has a baseline scenario valuation of approximately $30.4 billion, a peak valuation of about $42.1 billion during strong market performance, and a pessimistic scenario of $22.8 billion. Kalshi completed a $1 billion Series F financing in May this year, with a post-money valuation of $22 billion.PitchBook expects Kalshi's revenue to reach $6.4 billion by 2030, with adjusted profits reaching $3.7 billion, and believes that partnerships with platforms and market makers such as Robinhood and Susquehanna will help consolidate market share. The report lists the regulatory risks of the sports prediction market as a key variable affecting valuation, with data showing that the sports market currently contributes about 69.9% of Kalshi's event fee revenue; if Exotics products such as multi-event combinations are included, the proportion rises to 82.4%.Several states in the U.S. and Native American tribes are suing over the legality of Kalshi's sports prediction products, and related cases have created discrepancies between federal appellate courts, with the Supreme Court expected to intervene next year. PitchBook believes that even if the final ruling is unfavorable to Kalshi, the company may still adjust its business model through state-level licensing and the development of non-sports prediction products, but a significant decline in sports revenue will still notably impact its growth expectations.

ChainCatcher news, according to Blockworks, PitchBook reveals in a new report that crypto venture capital spending will remain sluggish until the end of 2024. Specific data shows that the transaction value in Q4 2024 surged to $2.4 billion, a 13.6% increase from Q3, but the number of transactions decreased from 411 to 351.PitchBook's Robert Le pointed out: "Although there has been a return of funds, indicating ongoing support from investors for mature teams and differentiated technologies, the continuous decline in the number of transactions reflects an increased selectivity among investors, a trend that has been evident since Q3."Comparing the data from 2023 and 2024, the figures are quite similar. In 2023, the total amount of crypto venture capital reached $10.3 billion, involving 1,936 transactions; while last year, spending in this sector also amounted to $10 billion, covering 1,940 transactions.Additionally, the average transaction amount in the seed stage increased by 20%, jumping from $2.5 million to $3 million; early-stage financing grew by 26%, reaching $4.8 million. However, late-stage financing saw a slight decline, dropping from $6.4 million to $6.3 million. Le stated that this reflects "founders of more mature companies turning to smaller but strategically focused funding rounds, rather than pursuing the large financing rounds that were common in the past."

ChainCatcher news, based on data compiled by the financial tracker PitchBook for TechCrunch, shows that in 2024, global generative AI companies raised $56 billion from venture capital across 885 deals. This total cash amount sets a new record for the sector. This represents a 192% increase compared to 2023, when investors put $29.1 billion into generative AI startups across 691 deals.Among them, the deal value in the fourth quarter of 2024 soared to $31.1 billion, primarily due to the completion of several large financings, such as Databricks' $10 billion Series J funding, xAI's $6 billion Series C funding, Anthropic's $4 billion strategic investment from Amazon, and OpenAI's $6.6 billion funding.PitchBook's frontier technology analyst Ali Javaheri stated in an interview, "We are not seeing a slowdown in generative AI funding, as well-known companies like OpenAI, Anthropic, and xAI continue to secure significant financing and launch new competitive products."

ChainCatcher news, according to The Defiant, the venture capital database Pitchbook predicts in its 2025 Corporate Technology Outlook report that venture capital firms will double their investments in cryptocurrency next year, with investments exceeding $18 billion, nearly double the $9.9 billion invested in 2024.Pitchbook analysts state that as comprehensive venture capital firms return to the blockchain and cryptocurrency space, and with the participation of large financial institutions, cryptocurrency-focused venture capital firms will be strengthened; although the $18 billion investment "is far below the $24.7 billion in 2021 and $29.8 billion in 2022, the participation of major traditional financial institutions such as BlackRock, Franklin Templeton, and Goldman Sachs is expected to continue to enhance investor confidence in the cryptocurrency market; in addition to a large client base, these institutions also bring legitimacy to the cryptocurrency industry and have the potential to accelerate mainstream investors' acceptance of digital assets. They also bring expertise and long-term relationships with regulators, which will make them "effective intermediaries, creating a trust environment that cryptocurrency-native companies often find difficult to achieve while complying with regulations."