Polymarket Looking to Raise $400M at $15 Billion Valuation

Posted on: April 20, 2026, 11:21h. 

Last updated on: April 20, 2026, 11:21h.

Todd Shriber @etfgodfather Read More
Expertise: Financial, Gaming Business, Mergers and Acquisitions.
  • The prediction market operator is reportedly in discussion to raise $400 million at a $15 billion valuation
  • That’s below rival Kalshi’s $22 billion estimated value
  • Polymarket recently raised $600 million from Intercontinental Exchange

Polymarket, which lays claim to being the world’s largest prediction market, is reportedly in talks with investors to raise $400 million, potentially vaulting its valuation to $15 billion.

Polymarket is rumored to be close to raising $400 million. That would value the company at $15 billion. (image: Getty)

Citing a pair of unidentified sources with knowledge of the situation, The Information reported Polymarket is in discussions with prospective backers regarding a $400 million capital injection. That news surfaced less than three weeks after it was revealed Intercontinental Exchange (NYSE: ICE), the owner of the New York Stock Exchange (NYSE), allocated another $600 million to the prediction market giant.

At the time of the latest Intercontinental Exchange investment, it was believed Polymarket was pursuing a $1 billion funding round that included investors beyond the exchange operator. In addition to ICE, Polymarket’s roster of backers includes Peter Thiel’s Founders Fund, Donald Trump Jr., and Ethereum co-founder Vitalik Buterin, among others.

Polymarket Valuation Gap with Kalshi Growing

Last month, unconfirmed reports surfaced indicating Polymarket was pursuing a Series E financing round that’d ultimately value the company at $20 billion. It appears that mark will be missed, assuming it procures $400 million at a $15 billion valuation.

That also implies a significant gap between Polymarket and rival Kalshi — one heavily skewed in favor of the latter. Kalshi is fresh off a $1 billion funding round, which was led by led by Coatue Management, that boosted its estimated value to $22 billion. That means Kalshi’s valuation surged eleven-fold in just nine months.

The sizable chasm between the two prediction market operators is likely attributable to the fact that Kalshi is operating in the US where it’s carved out a significant lead over competing yes/no exchanges. By some estimates, Kalshi controls roughly 90% of the event contracts market in this country whereas Polymarket still isn’t fully operational here.

Polymarket Valuation Still Growing

Although Shayne Coplan’s company is likely to come away from this funding round at a valuation significantly below that of its primary competitor, there’s no denying investors are assigning steadily higher multiples to Polymarket. For example, ICE invested $2 billion in Polymarket last October at a pre-money valuation of $8 billion, implying the valuation has nearly doubled since then.

Last July, the prediction market giant completed a $135 million bridge financing round, then valuing it at $3 billion and that was two months after a $45 million Series B round that valued Polymarket at $1 billion.

That is to say investors are willing to pay up to be involved with Polymarket even as the company isn’t operational in the US and as the prediction markets industry faces a slew of legal issues.