Polymarket Is Seeking Funding at a Valuation of Up to $15 Billion
(Bloomberg) -- The prediction market Polymarket is holding early conversations with investors and looking to raise money at a valuation between $12 billion and $15 billion, more than 10 times its value just four months ago, according to people familiar with the matter.
Polymarket’s valuation has ascended quickly. In June, Peter Thiel’s Founders Fund led a $200 million funding round for the startup, valuing it at $1 billion. Earlier this month, Intercontinental Exchange Inc., owner of the New York Stock Exchange, said it would invest up to $2 billion in Polymarket at a valuation of about $8 billion, not including dollars raised. That deal made Chief Executive Officer Shayne Coplan the youngest self-made billionaire.
Polymarket declined to comment on the latest deal talks.
The startup’s main competitor, Kalshi, is currently fielding funding offers from investors that would value it at over $10 billion — more than doubling the company’s valuation in a financing announced just a few weeks ago. The soaring values underscore the surging interest in this fast-growing new industry as gambling and financial markets converge.
Polymarket and it’s rival Kalshi have both recently seen a surge in trading volume, hitting a new high of more than $2 billion during the week ending Oct. 19. That total surpassed the previous peak reached during the US presidential election last year.
Wall Street firms and gambling companies alike have taken notice — cutting deals with the prediction market leaders in expectation that the new companies could change their industries.
On Wednesday, Coplan said Polymarket will act as a clearinghouse for DraftKings Inc. in the company’s push into the prediction markets, and the National Hockey League said it had struck multiyear deals with both Kalshi and Polymarket, becoming the first major American sports league to agree to work with the platforms.
Prediction markets still face significant regulatory uncertainty. While the Commodity Futures Trading Commission has allowed Kalshi to open up new markets, the state gaming regulators that have traditionally overseen sports gambling have pushed back in court. There are also some unanswered legal questions about issues including market manipulation and insider trading.
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