Polymarket, a prediction market platform, is currently negotiating with investors to secure funding that could elevate its valuation to between $12 billion and $15 billion, as reported by Bloomberg, citing sources close to the developments. This potential valuation represents a tenfold increase compared to four months prior.

Following a recent $200 million investment round led by Peter Thiel’s Founders Fund, which established the company’s worth at $1 billion, Polymarket now looks to expand further. Additionally, the Intercontinental Exchange (ICE), which owns the New York Stock Exchange, has pledged to invest up to $2 billion in Polymarket, valuing it at $8 billion.

In the competitive landscape of prediction markets, Polymarket’s primary competitor, Kalshi, is also seeking funding, potentially pushing its valuation above $10 billion—much higher than the $5 billion valuation it achieved after a $300 million capital raise.

Polymarket has recently fortified its partnerships, forming collaborations with high-profile organizations such as DraftKings, which will leverage Polymarket’s platform for entry into prediction markets as its clearinghouse, and the NHL, which named both Polymarket and Kalshi as official partners for their multiyear agreements.

Moreover, OpenAI’s ceo Sam Altman has announced the integration of Polymarket into the World App, aimed at expanding into prediction markets through this new digital identity venture.

The interest in prediction markets has surged globally with weekly trading volumes reaching $2 billion for the first time in mid-October. During this period, Polymarket alone accounted for over $1 billion in trading activity, capturing more than half of the total market volume, while rival Kalshi contributed approximately $950 million.