Prediction market platform Polymarket is reportedly in talks to raise $400 million at a $15 billion valuation, as institutional capital continues to flow into the fast-growing sector.
The proposed raise would follow a $600 million investment from Intercontinental Exchange earlier this year and could expand to as much as $1 billion with additional strategic investors.
The development comes as prediction markets surge in popularity, with platforms collectively recording more than $10 billion in monthly trading volume across political, financial, and cultural events.
Polymarket’s potential valuation would still trail rival Kalshi, which was valued at around $22 billion in its most recent funding round, highlighting intensifying competition in the space.
Major financial players including Nasdaq, Cboe Global Markets, CME Group, Charles Schwab, and Citadel Securities are also exploring or launching prediction market offerings.
However, regulatory uncertainty remains a key risk, with Kalshi currently facing legal challenges over whether its contracts constitute unlicensed gambling.
The outcome of ongoing legal disputes could shape the future of prediction markets in the US, including whether they are regulated as financial derivatives or gambling products.