Polymarket is in talks to raise funding at a $12-15 billion valuation

Polymarket is talking with potential investors about raising money that would put the prediction market company’s worth somewhere between $12 billion and $15 billion, sources close to the discussions say. The figure marks a dramatic jump from just four months back when the company was worth far less.

The company’s value has climbed fast this year. Back in June, Polymarket secured $200 million from investors led by Peter Thiel’s Founders Fund. At that time, the startup was valued at $1 billion.

Then earlier this month, Intercontinental Exchange Inc., which runs the New York Stock Exchange, announced plans to put up to $2 billion into Polymarket. That deal priced the company at around $8 billion before counting the new money coming in. The transaction also made Shayne Coplan, Polymarket’s chief executive, the youngest person to become a billionaire through building their own business.

Kalshi valuation race heats up

Meanwhile, Kalshi, which competes directly with Polymarket, is getting offers from investors who want in at valuations above $10 billion. According to Bloomberg, that would be more than twice what the company was worth in a funding deal announced just weeks ago. The rapid rise in these valuations shows how much excitement there is around this young industry where betting and finance are coming together.

Both Polymarket and Kalshi have seen betting activity jump recently as reported by Cryptopolitan. During the week that ended October 19, total trading hit more than $2 billion across both platforms. That beat the earlier record set during last year’s presidential election.

Wall Street giants rush to partner with prediction markets

Big financial firms and gambling companies are paying attention. They’re making deals with these prediction market leaders, betting the newcomers might reshape their businesses.

On Wednesday, Coplan said Polymarket would serve as a clearinghouse for DraftKings Inc. as that company enters prediction markets. The same day, the National Hockey League announced multi-year agreements with both Kalshi and Polymarket, making it the first big American sports league to partner with these platforms.

Still, prediction markets face unclear rules ahead. While federal regulators have let Kalshi open new markets, state gambling officials have fought back in court. Questions about market manipulation and insider trading also remain unresolved.

Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free.