Prediction market Polymarket is in early discussions with investors to raise funding at a valuation between $12 billion and $15 billion, Bloomberg reported, citing sources familiar with the matter. This potential 10-fold increase comes just months after a $200 million funding round led by Peter Thiel’s Founders Fund valued the company at $1 billion. Earlier in the month, Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, announced plans to invest up to $2 billion in Polymarket at an $8 billion valuation.
Polymarket faces competition from Kalshi, which is also reportedly in talks for funding that would value it at over $10 billion, more than doubling its valuation from weeks prior.
Polymarket has been actively expanding its mainstream presence through partnerships with major players like DraftKings, which will use Polymarket’s platform to enter prediction markets, and the National Hockey League (NHL), which named Polymarket an official prediction market partner alongside Kalshi. Additionally, OpenAI CEO Sam Altman’s digital identity project, World (formerly Worldcoin), has integrated Polymarket into its World App, which combines a digital wallet with its decentralized identity tool, World ID.
Interest in prediction markets is surging globally, with weekly trading volumes surpassing $2 billion for the first time in mid-October. Polymarket accounted for over $1 billion—or 52.3%—of this activity, while rival Kalshi held approximately 47%. This momentum highlights Polymarket’s rapid growth and expanding influence in the burgeoning prediction market sector.