Polymarket, a prediction market platform, is reportedly negotiating with investors to raise funding at a valuation between $12 billion and $15 billion, signaling a possible tenfold increase from four months prior. This information comes via Bloomberg from sources close to the negotiations.
This development follows a $200 million investment round in June spearheaded by Peter Thiel’s Founders Fund, which set the company’s valuation at $1 billion. Earlier this month, the Intercontinental Exchange (ICE), which owns the New York Stock Exchange, shared plans to invest up to $2 billion in Polymarket, valuing it at approximately $8 billion at that time.
Competing prediction market Kalshi is also seeking new funding that may elevate its valuation to over $10 billion, doubling its worth from its recent $300 million raise that valued it at $5 billion.
Cointelegraph attempted to gather comments from Polymarket but had not received a reply before publication.
Polymarket Partners with DraftKings and NHL
In a bid to expand its reach, Polymarket has entered into multiple partnerships. Recently, CEO Shayne Coplan announced a collaboration with DraftKings, which will utilize Polymarket as its prediction market clearinghouse. The NHL has also signed multiyear agreements to work with both Polymarket and Kalshi as official prediction market partners.
Furthermore, Sam Altman of OpenAI has declared that World (previously known as Worldcoin) is integrating with Polymarket to enhance its features.
Record Trading Volume in Prediction Markets
According to data from Dunedata via Dune Analytics, there has been a record-breaking interest in prediction markets, with weekly trading volumes exceeding $2 billion for the first time in mid-October.
During this period, Polymarket reported a trading volume exceeding $1 billion, representing 52.3% of the overall market activity, whereas Kalshi accounted for approximately $950 million, or 47%.
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