Key Highlights
- The prediction platform seeks to secure $400 million at a $15 billion company valuation
- ICE (Intercontinental Exchange) has pledged $600 million in capital to the platform
- Combined funding from multiple investors could approach the $1 billion mark
- Competitor Kalshi secured funding at a $22 billion valuation following a March raise exceeding $1 billion
- Regulatory challenges and trading misconduct allegations continue to impact both companies
According to a Sunday report from The Information, Polymarket has entered discussions to secure $400 million in fresh capital at a $15 billion company valuation. Two sources with direct knowledge of the negotiations confirmed these details.
This funding effort expands upon capital already secured from Intercontinental Exchange, which operates the New York Stock Exchange. ICE’s $600 million commitment in late March valued the prediction platform at $9 billion on a post-money basis.
Polymarket continues pursuing relationships with other strategic backers alongside ICE. These additional partnerships could elevate the complete funding round to the $1 billion threshold, The Information reported.
Earlier fundraising discussions emerged in October 2025, when the company explored raising capital at valuations ranging from $12 billion to $15 billion.
The prediction market sector has experienced substantial expansion following the 2024 US presidential election cycle. Services including Polymarket and Kalshi frequently generate more than $10 billion in monthly transaction volume spanning sports outcomes, political events, financial markets, and entertainment topics.
Competitive Landscape Intensifies
Competing platform Kalshi completed a March fundraising round exceeding $1 billion at a $22 billion valuation, approximately twice its November worth. Kalshi processed roughly $13 billion in monthly trading activity during March, while Polymarket handled $10.57 billion.
Established financial institutions are entering this emerging sector. Cboe Global Markets plans to debut a prediction market offering. The Nasdaq options platform submitted filings to provide binary-format contracts tracking the Nasdaq-100 index. CME Group formed an alliance with FanDuel enabling traders to participate in non-financial prediction markets.
Charles Schwab and Citadel Securities revealed last week their ongoing evaluation of prediction market opportunities.
Regulatory Challenges Mount
Both platforms confront increasing oversight from government authorities and elected officials despite market expansion.
US senators Adam Schiff and John Curtis presented the “Prediction Markets Are Gambling Act” in March. This proposed legislation would prohibit prediction contracts connected to athletic competitions or casino-style activities from appearing on registered trading venues.
Kalshi faces ongoing litigation with the Nevada Gaming Control Board. A lower court issued a temporary order preventing Kalshi’s operations within state borders. State regulators maintain that Kalshi’s contract offerings constitute gambling activities conducted without proper licensing.
The chief legal officer at Coinbase anticipates this dispute could advance to the US Supreme Court, potentially establishing nationwide legal guidelines for prediction market oversight.
Both platforms have responded to regulatory concerns through enhanced compliance measures. Kalshi deployed additional verification systems. Polymarket broadened its market manipulation prevention protocols.
Polymarket has declined to issue public statements regarding the reported fundraising discussions at this time.
