Polymarket seen at $15 billion valuation… 10x surge in 4 months

Son Min

Summary

The prediction market platform Polymarket is expected to reach a valuation of $15 billion and has risen about tenfold in four months.
Polymarket is expanding its business through increased institutional investment and major partnerships following ICE's investment.
As of mid-October, prediction market trading volume saw Polymarket account for 52%, solidifying its dominant position in the industry.

The prediction market platform Polymarket is seeking new funding and its valuation could reach up to $15 billion. This represents about a tenfold increase compared with four months ago.

On the 23rd (local time), according to Cointelegraph, Polymarket is in talks with investors to raise funds at a $12 billion to $15 billion valuation. Earlier in June, Polymarket was valued at $1 billion in a $200 million funding round led by Founders Fund, headed by Peter Thiel.

These talks follow Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, recently investing up to $2 billion in Polymarket and valuing it at $8 billion. Major competitor Kalshi is also pursuing a new funding round that has raised its valuation from about $5 billion to $10 billion.

Polymarket has been expanding its business by signing partnerships with DraftKings, the National Hockey League (NHL), and OpenAI's digital identity project 'World', among others. DraftKings plans to use Polymarket as a clearing partner to enter the prediction market, and the NHL has named Polymarket and Kalshi as official prediction market partners. World is integrating the Polymarket application to enable users to trade directly within the app.

According to Dune Analytics, global weekly prediction market trading volume surpassed $2 billion for the first time as of mid-October. Of that, Polymarket accounted for 52%, recording about $1 billion, followed by Kalshi with $950 million. The industry says Polymarket is rapidly expanding institutional investment inflows and solidifying its dominant position in prediction markets.