Polymarket Seeks $400 Million Raise at $15 Billion Valuation

Polymarket lets users buy YES or NO tokens on events ranging from elections to crypto prices, with trades settled in USDC via smart contracts on the Polygon blockchain. Token prices shift as the crowd updates its odds, creating a real‑time information market.

Intercontinental Exchange (ICE), ticker ICE, which owns the NYSE, invested $600 million in October 2025 and has committed up to $2 billion total. ICE’s market cap is roughly $71 billion and its shares have risen about 3% year‑to‑date.

The new $400 million round would push Polymarket’s post‑money valuation to $15 billion, up from $9 billion at the time of ICE’s first investment. Kalshi, the main US competitor, raised $1 billion earlier this year at a $22 billion valuation and reports about $1.5 billion in annual US revenue. Nasdaq (NDAQ, market cap ~$22 billion, up ~2% YTD) and Charles Schwab (SCHW, market cap ~$80 billion, up ~1% YTD) are also launching prediction‑market products, signaling broader industry interest.

The fresh capital will fund product development, US expansion, and international growth, while ICE’s infrastructure could help Polymarket attract institutional clients. Regulatory scrutiny remains, with Nevada’s ban on Kalshi and ongoing state lawsuits over gambling rules. Watch for any SEC guidance on prediction‑market tokens and whether Polymarket pursues a public listing in the next 12‑18 months.