Polymarket is reportedly discussing a new $400 million fundraising round at a $15 billion valuation, only a month after completing a $600 million raise. If the deal goes through, the prediction-market platform would have sought more than $1 billion in fresh capital within just a few weeks.
Back-to-back fundraising pushes valuation higher than last year
Bloomberg, citing people familiar with the matter, said the company is in talks with new investors while keeping its valuation at $15 billion. That marks a sharp increase from the $9 billion valuation Polymarket carried last year.
The company has also drawn support from a major traditional finance name. Intercontinental Exchange, the parent company of the New York Stock Exchange, has planned a $2 billion commitment to Polymarket. About $1.6 billion has already been delivered, and ICE said last month that it had “fulfilled its obligation.”
ICE backing is large, but Kalshi remains ahead
Even with that support, Polymarket is still behind its main rival on valuation. According to Bloomberg, Kalshi’s latest round brought in $1 billion at a $22 billion valuation, placing it well above Polymarket’s current level.
Both companies are centered on prediction markets, and the valuation gap points to different market views on their regulatory positioning and growth limits. Polymarket’s rise from $9 billion to $15 billion in less than a year is notable on its own. In competitive terms, though, Kalshi is still ahead.
Regulatory conflict remains the main expansion question
The US Commodity Futures Trading Commission has argued that prediction markets fall under federal oversight and can operate nationwide without obtaining separate state gambling licenses. If that interpretation holds, it would remove a major hurdle for both Polymarket and Kalshi.
Some state governments reject that view and continue to classify prediction markets as gambling activity subject to state law. That unresolved fight between federal and state authority remains a central uncertainty for the sector.
For now, Polymarket continues to position its main business as an international exchange and does not serve US customers. At the same time, it is testing a new app aimed at the US market. Kalshi has chosen a different route, entering the US through a CFTC-approved designated contract market structure.