Decentralized prediction markets platform Polymarket is in talks to raise $400 million in new funding at a $15 billion valuation, according to The Information, citing sources familiar with the matter.
The potential raise builds on October reports that Polymarket was in early-stage talks with investors at a valuation between $12 billion and $15 billion.
From $9B to $15B
Polymarket had a $9 billion post-money valuation in October after NYSE parent company Intercontinental Exchange agreed to invest up to $2 billion.
The new funding would add to the $600 million already committed by Intercontinental Exchange.
Polymarket is also seeking additional strategic investors beyond Intercontinental Exchange, potentially bringing the total funding size to $1 billion.
Rising competition
Polymarket and rival Kalshi have been attracting increased investor interest in recent months.
In March, Kalshi reportedly raised over $1 billion at a $22 billion valuation, roughly doubling its value since November.
Kalshi recorded about $13 billion in monthly volume in March, compared with Polymarket’s $10.57 billion.
Regulatory pressure
Both platforms have faced growing scrutiny from U.S. lawmakers.
In March, senators Adam Schiff and John Curtis introduced the “Prediction Markets Are Gambling Act,” seeking to bar prediction contracts tied to sports or casino-style games from being listed or traded on registered platforms.
In response, Kalshi introduced new screening tools, while Polymarket expanded restrictions on market abuse.
