Key facts
- Polymarket is reportedly seeking to raise approximately $1 billion in new funding.
- The platform is reportedly aiming for a valuation exceeding $20 billion.
- In April, Polymarket raised $1 billion at a $15 billion valuation, including a $600 million investment from Intercontinental Exchange.
- Polymarket's annualized revenue surpassed $1 billion as of June.
- Rival Kalshi is reportedly seeking capital at a $40 billion valuation.
Polymarket, a blockchain-based prediction markets platform, is reportedly in early discussions to raise approximately $1 billion in new funding at a valuation exceeding $20 billion. This latest fundraising effort follows a $600 million investment from Intercontinental Exchange, the owner of the New York Stock Exchange, in April, which valued the company at $15 billion. Polymarket's CEO, Shayne Coplan, views the platform as an information market rather than a betting venue, aiming to provide a 'thermometer of the world' for assessing future event likelihoods. The company's annualized revenue had surpassed $1 billion as of June, according to reports. The prediction market sector is seeing increased competition, with rivals like Coinbase and Robinhood expanding their offerings, and Polymarket's competitor Kalshi reportedly seeking capital at a $40 billion valuation.