Polymarket in Talks to Raise $400 Million at $15 Billion Valuation: Report

• Polymarket is in talks to raise $400 million in new funding at a $15 billion valuation.
• Total funding round could reach $1 billion as Polymarket seeks additional strategic investors.
• Rival Kalshi records $13 billion monthly volume after raising at $22 billion valuation.

Polymarket is in discussions with investors to raise an additional $400 million at a valuation of approximately $15 billion, according to The Information, which cited two people familiar with the matter. 

For the unversed, Intercontinental Exchange, the company that owns the New York Stock Exchange, has also committed $600 million to Polymarket just last month as the opening move in a plan to deploy up to $2 billion into the platform. 

From Niche to Mainstream in Twelve Months

Prediction markets were, until recently, a curiosity discussed primarily in academic finance circles and crypto communities. The 2024 US election cycle changed that. Volumes surged, media coverage followed and institutional investors began paying attention to a sector they had previously ignored.

Polymarket now processes over $10 billion in monthly trading volume across markets spanning political outcomes, financial results, sports and cultural events. The platform’s closest competitor, Kalshi, recorded approximately $13 billion in monthly volume in March and recently closed a funding round valuing it at $22 billion, nearly double its November 2024 valuation.

Nasdaq’s options exchange filed paperwork to introduce cash-settled binary contracts on the Nasdaq-100 index. Cboe Global Markets is developing its own prediction market product. CME Group partnered with sports betting operator FanDuel to extend event-based trading beyond financial markets. Charles Schwab and Citadel Securities are both reported to be weighing entry into the space.

Related: Analyst Flags Weekend Shakeout, Says $72K Could Fuel Bitcoin Upside

Polymarket’s own valuation arc captures the momentum precisely. A $9 billion post-money valuation in October 2024 has become a $15 billion figure in current discussions, a 67% increase in roughly six months without a fundamental change in the underlying business model.

The Legal Question That Has Not Gone Away

Capital is flowing in but regulatory clarity is not yet keeping pace. Two US senators introduced the Prediction Markets Are Gambling Act in March, targeting contracts linked to sports outcomes and casino-style events on registered trading platforms.

Kalshi is simultaneously fighting a legal battle with Nevada’s Gaming Control Board, which contends that event contracts constitute unlicensed gambling under state law. 

Related: Trump Signals Ceasefire Doubt, Markets Turn Volatile