Prediction market platform Polymarket is reportedly in discussions with investors to secure new funding. These talks aim for a valuation between $12 billion and $15 billion, which would represent a significant tenfold increase from its valuation just four months prior. This information was reported by Bloomberg, citing sources familiar with the matter.
This potential new funding round follows a $200 million investment in June, which was led by Peter Thiel’s Founders Fund. At that time, the startup was valued at $1 billion. More recently, 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's primary competitor, Kalshi, is also said to be in negotiations for new funding. These talks could value Kalshi at over $10 billion, more than double its valuation from just weeks ago when it raised $300 million at a $5 billion valuation.
Polymarket has been actively expanding its strategic partnerships. CEO Shayne Coplan recently revealed that DraftKings will utilize Polymarket as a clearinghouse for its entry into the prediction market space.
In addition to its DraftKings partnership, the National Hockey League (NHL) has entered into multiyear agreements with both Polymarket and Kalshi, officially designating them as its prediction market partners.
Further expanding its reach, OpenAI CEO Sam Altman’s digital identity project, World (formerly Worldcoin), announced its expansion into prediction markets through integration with Polymarket. The World App, which combines a digital wallet with World ID, a decentralized identity tool, has integrated the Polymarket App.
Prediction Markets Experience Record Weekly Trading Volume
The interest in prediction markets has reached unprecedented levels globally. In mid-October, weekly trading volumes surpassed $2 billion for the first time, according to data from Dunedata via Dune Analytics.
During that specific week, Polymarket recorded over $1 billion in trading volume, representing 52.3% of the total market activity. Kalshi, its rival, accounted for approximately $950 million, which is 47% of the total.