Polymarket seeks $400m raise at $15bn valuation as trading volumes surge
New investors are in talks to deploy $400m into Polymarket, the prediction market platform, at a $15bn valuation, following a $600m raise completed last month, according to Bloomberg.
The fresh funding round would build on a $1.6bn cumulative stake held by Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange. ICE had previously committed to investing up to $2bn into Polymarket and confirmed last month that it has “completed its obligations” under that plan, as initially reported by The Information.
The $15bn valuation marks a significant step up from the $9bn figure recorded last year, when ICE first took a $1bn stake in the company. However, it still trails the $22bn valuation commanded by rival prediction platform Kalshi, which closed a $1bn fundraising round recently.
Polymarket is weighing whether to proceed with the $400m raise at the current $15bn valuation or hold out for more favourable terms from investors.
Polymarket and ICE did not comment on the new funding round.
The broader prediction market sector continues to attract strong investor interest, driven by surging trading volumes on financial contracts tied to sports, elections, and other events. In March, notional trading volume on Polymarket reached $10.6bn, six times the level recorded just six months prior, according to user-compiled data on Dune Analytics.
Polymarket is currently piloting a new US-facing app, though its primary business remains an international exchange that is not accessible to US customers.
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