Nikolas Sargeant
TL;DR
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Polymarket is reportedly seeking to raise $400M at a $15B valuation, building on backing from Intercontinental Exchange.
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Competition is intensifying with Kalshi, while both platforms face growing regulatory scrutiny in the U.S.
Polymarket Seeks $400 Million Raise at $15 Billion Valuation
Polymarket is reportedly in advanced talks to raise $400 million in fresh funding at a $15 billion valuation. This is according to a report by The Information, citing sources familiar with the matter.
The potential round builds on earlier talks from October, when the company was exploring a raise at a valuation between $12 billion and $15 billion. At the time, Polymarket had already reached a $9 billion post-money valuation following a major investment from its NYSE parent, Intercontinental Exchange, which agreed to invest up to $2 billion.
The new funding would add to the $600 million already committed by Intercontinental Exchange, and Polymarket is also seeking additional strategic backers. If successful, total funding tied to the round could reach $1 billion.
Competition intensifies with Kalshi
This latest development comes as Polymarket faces growing competition from Kalshi, which has also seen surging investor interest. In March, Kalshi reportedly raised more than $1 billion at a $22 billion valuation—roughly doubling its worth since November.
Both platforms continue to dominate the prediction markets sector. Data indicates Kalshi recorded approximately $13 billion in monthly trading volume in March, outpacing Polymarket’s $10.57 billion over the same period.
Regulatory pressure builds
The rapid growth of prediction markets has drawn increased scrutiny from U.S. regulators. Both Polymarket and Kalshi recently introduced measures to limit insider trading and market manipulation risks amid mounting political pressure.
In March, U.S. senators Adam Schiff and John Curtis introduced the “Prediction Markets Are Gambling Act,” a proposed bill that would restrict contracts tied to sports events or casino-style outcomes from being listed on regulated platforms.
In response, Kalshi rolled out enhanced screening tools, while Polymarket tightened its safeguards against market abuse—signaling a shift toward greater compliance as the sector matures.
This latest development comes a week after Polymarket announced plans to undertake a major platform overhaul with a faster trading engine, upgraded order book, and a new Polymarket USD stablecoin backed 1:1 by USDC.
