Polymarket in Talks to Raise $400M at $15B Valuation: Report

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In brief - Polymarket is reportedly seeking to raise $400 million at a $15 billion valuation in a new funding round. - The round follows a $600 million investment from NYSE parent company Intercontinental Exchange, which brought its total investment in the prediction market to $2 billion. - Rival prediction market Kalshi saw its valuation double to $22 billion following a $1 billion raise last month. Prediction markets platform Polymarket is in talks to raise $400 million at a valuation of around $15 billion, according to The Information. Per The Information’s reporting, the prediction market firm is looking to add additional strategic investors beyond New York Stock Exchange parent company Intercontinental Exchange to the round, which could total $1 billion. The new funding round follows a $600 million investment in Polymarket by Intercontinental Exchange last month, bringing its total investment in the prediction market firm to $1.6 billion. At the time, ICE announced that the firm would purchase up to $40 million worth of Polymarket securities from existing holders, fulfilling its commitment to invest $2 billion in the firm in an October 2025 deal that valued the company at $9 billion. ICE's relationship with Polymarket has deepened over the past six months. As part of its October deal, the exchange operator became the exclusive global distributor of Polymarket's event-driven data to institutional capital markets. In February it launched the Polymarket Signals and Sentiment tool, integrating prediction market data into its existing financial infrastructure offerings. The institutional backing marks a turning point for prediction markets, which have evolved from crypto-native experiments to mainstream financial instruments, amid growing institutional interest. Earlier this year, Polymarket's rival Kalshi raised $1 billion to reach a $22 billion valuation, while the likes of Charles Schwab and Nasdaq are making moves in the space. Nevertheless, prediction markets face regulatory challenges, with states and federal authorities at odds over whether their offering constitutes gambling or federally regulated even contracts. Last month, Nevada became the first state to ban Kalshi from operating within its borders, while Arizona has filed criminal charges against Kalshi for allegedly operating an illegal unlicensed gambling business. Meanwhile, an appeals court ruling this month found that the firm’s sports-related markets should be federally regulated, while the Justice Department and the CFTC have jointly filed lawsuits against Illinois, Arizona, and Connecticut over who has the right to regulate prediction markets. Earlier this month, CFTC Chairman Michael Selig raised concerns that driving prediction markets offshore into unregulated space could cause FTX-style “implosions,” arguing that, "We’ve got to make sure these exchanges come and register here in the United States and that our rules are set up to facilitate fair markets, markets that have investor protections, customer protections, and have real guardrails and rules."

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