Polymarket reportedly seeking up to $15 billion valuation in new funding round

Crypto-based prediction platform Polymarket is in early discussions to raise capital at a valuation between $12 billion and $15 billion, sources familiar with the talks told Bloomberg, as investor interest in prediction markets accelerates.

Founded in 2020, Polymarket operates a crypto-native prediction venue where users trade yes/no outcomes across a wide range of topics, including politics, sports, markets, and culture.

The prospective funding would mark a tenfold jump from Polymarket’s $1 billion valuation in June, when Peter Thiel’s Founders Fund led a $200 million investment round. The latest talks follow a $2 billion commitment from Intercontinental Exchange (ICE), the parent of the New York Stock Exchange, which valued the firm at about $8 billion earlier this month.

The growing appeal of event-driven speculation has pushed valuations higher across the industry. Rival Kalshi recently secured $300 million at a $5 billion valuation, up from $2 billion just three months earlier. Trading activity has climbed rapidly, with weekly volumes at Polymarket and Kalshi surpassing $2 billion, according to data cited by Bloomberg.

Despite surging interest, questions remain over Polymarket’s economics. The platform does not charge traditional trading fees. Users instead pay blockchain gas fees and relayer costs, while liquidity providers earn profits through market spreads. Analysts say the absence of a clear take rate makes revenue visibility uncertain.

Regulatory clarity also remains a challenge. The U.S. Commodity Futures Trading Commission (CFTC) has taken a cautious approach to prediction markets, granting limited “no-action relief” to specific entities such as QCX LLC and the Chicago Mercantile Exchange. Some state gaming regulators have challenged federal oversight in court, arguing that certain markets fall under state jurisdiction.

As institutional adoption expands and investor bets grow larger, platforms like Polymarket are navigating both rapid growth and a shifting legal landscape.