Polymarket eyes new fundraising targeting $15B valuation

Investor interest in prediction markets is growing fast as one of the sector’s biggest names prepares to set a new fundraising benchmark.

Polymarket is holding early discussions with investors to raise new capital at a valuation between $12 billion and $15 billion.

This is according to a report by Bloomberg, dated Oct. 23, citing people familiar with the matter. The new valuation would mark a more than tenfold rise since June, when Peter Thiel’s Founders Fund led a $200 million round valuing the startup at $1 billion. 

Earlier this month, Intercontinental Exchange,  the owner of the New York Stock Exchange, agreed to invest up to $2 billion at an $8 billion valuation. That deal made chief executive officer Shayne Coplan the youngest self-made billionaire and expanded Polymarket’s ties with established financial institutions.

Rising interest in prediction markets

Polymarket’s growth has tracked a surge in prediction market activity, with weekly trading volumes surpassing $2 billion during the week ending Oct. 19, the highest in its history.

The increase shows rising demand from retail and institutional traders who use event-based markets as sentiment indicators for elections, policy, and sports outcomes.

Rival Kalshi is also attracting investor attention, fielding offers valuing it above $10 billion, more than double its recent round.

Both platforms are expanding into regulated markets, with Kalshi operating under Commodity Futures Trading Commission oversight and Polymarket planning a compliant U.S. rollout through its QCEX acquisition earlier this year.

Partnerships expand market reach

Polymarket recently announced partnerships with DraftKings and the National Hockey League, marking the first major U.S. sports league collaborations in the sector.

Under the agreements, Polymarket will act as a clearinghouse for DraftKings’ prediction markets and integrate official NHL data into its trading interface.

The platform also continues to broaden its blockchain support, adding Binance’s BNB Chain for deposits and withdrawals alongside existing integrations with Polygon and Chainlink. If completed, the new funding could accelerate Polymarket’s U.S. scaling, regulatory expansion, and technology upgrades.