Polymarket Weighs IPO, Native Token as Valuation May Top $20 Billion

Decentralized prediction-market platform Polymarket is weighing an initial public offering and the launch of a native token as it considers future fundraising and expansion options, Bloomberg reported.

Bloomberg reported on Oct. 13 that Polymarket is considering a listing in traditional financial markets and the launch of a blockchain-based token as its main options. The company has not formally announced either an IPO or a token issuance, and it has not disclosed a timetable.

The prospect of a native token has drawn renewed attention after recent comments from management. Chief Executive Officer Shayne Coplan said at the TOKEN2049 conference in Singapore on Oct. 7 that the company is reviewing on-chain assets with practical programming functionality. That could mean a token designed to perform specific functions on the platform rather than serve only as a trading asset. Polymarket has maintained that it has never announced plans for an airdrop or a token generation event, or TGE.

Polymarket's valuation has also risen quickly. The company was valued at about $9 billion last year after a strategic investment from Intercontinental Exchange, the parent of the New York Stock Exchange. In a fundraising round in April, that figure climbed to about $15 billion. By August, there was market speculation that investment talks were being held at a valuation above $20 billion.

The company's growth has also stood out on the revenue side. Polymarket's annualized revenue is reported to be well above $1 billion. Over one recent weekend, the platform generated about $9.9 million in revenue, topping Hyperliquid's roughly $2.64 million over the same period.

Its push to strengthen regulatory compliance in the US is also supporting the case for an IPO. Polymarket acquired QCEX to operate under the oversight of the US Commodity Futures Trading Commission and launched Polymarket US for the American market. The company has also recruited senior executives from traditional finance, moves that are seen as laying the groundwork for a future stock-market listing.

Still, an IPO and a native token may not be mutually exclusive. Polymarket could list shares in traditional financial markets while also introducing a separate on-chain asset with utility on the platform. The market is watching for any formal token issuance plan, IPO-related steps and additional fundraising, which are expected to be key markers of the company's business strategy.