Polymarket is in talks to raise $400 million at a roughly $15 billion valuation, according to a report from The Information published Sunday, April 19, 2026. The round, which two people familiar with the discussions told the publication could eventually total $1 billion if additional strategic investors join, would nearly double the $9 billion valuation the prediction market platform secured from Intercontinental Exchange in October 2025. Even at $15 billion, Polymarket would still trade below competitor Kalshi, which raised at a $22 billion valuation in its most recent round. Polymarket declined to comment on the report.
A prediction market is an exchange where users trade contracts whose value settles based on the outcome of a real-world event, from elections and Fed rate decisions to sports and award shows.
Key takeaways
- Polymarket is in talks to raise $400 million at a $15 billion valuation, per The Information, with a potential $1 billion total raise if more investors come in.
- The new valuation would be roughly 67% higher than the $9 billion level set by ICE’s October 2025 investment.
- Competitor Kalshi’s last round valued it at $22 billion, keeping Polymarket the No. 2 prediction market by valuation despite stronger global volume.
- NYSE parent Intercontinental Exchange is already the anchor backer, having committed up to $2 billion last fall and deployed $600 million in late March 2026.
Published: April 20, 2026, 09:15 UTC
From $9 billion to $15 billion in six months
Polymarket’s valuation trajectory has accelerated sharply over the past two quarters. In October 2025, Intercontinental Exchange announced a strategic investment of up to $2 billion, valuing the company at about $9 billion post-money. That deal also named ICE the global distributor of Polymarket’s event-driven data for institutional clients.
The deal was structured in tranches. ICE deployed $600 million of its commitment in late March 2026, according to reporting cited by Reuters. The remaining capital is still earmarked for Polymarket, but the new round reported by The Information brings in fresh outside capital beyond ICE for the first time since the NYSE parent came aboard.
The $15 billion target would make Polymarket’s founder Shayne Coplan, 27, one of the wealthiest operators in the prediction market category. Coplan was already ranked the youngest self-made billionaire in the Bloomberg Billionaires Index after the ICE round.
What the raise signals for prediction markets
Prediction market trading volume has consistently exceeded $10 billion per month in 2026, with bets spanning politics, sports, Fed rate decisions, corporate earnings, and cultural events. That volume growth is now pulling in Wall Street infrastructure players. Nasdaq’s MRX exchange has filed for binary event contracts, Cboe Global Markets has launched its own event products, and CME Group is partnering with FanDuel to enter the space.
At $15 billion, Polymarket would be priced at roughly 1.5x its annualized trading volume if current run rates hold, a multiple closer to fintech exchanges than to typical crypto projects. The valuation implies investors are treating the category as part of market infrastructure, not as a novelty crypto application.
The funding also comes as rival Kalshi, which operates under a CFTC-regulated Designated Contract Market license, posted record volumes during the 2024 U.S. presidential cycle and continues to dominate domestic regulated prediction contracts. Polymarket, by contrast, blocks U.S. residents on its main market and settles trades onchain using USDC on Polygon, giving it a wider global user base but a narrower regulated footprint inside the United States.
Regulatory backdrop
The raise lands in the middle of a live legal fight over whether prediction contracts qualify as gambling or derivatives. The Nevada Gaming Control Board temporarily blocked Kalshi from offering sports-outcome contracts in the state earlier this year, arguing the products amount to unlicensed sports betting. Kalshi is contesting the order in federal court.
Coinbase chief legal officer Paul Grewal has said the Kalshi case could ultimately reach the U.S. Supreme Court, a decision that would set precedent for how Polymarket and every other prediction venue operates across state lines. In January 2025, the CFTC under the Trump administration dropped its enforcement action against Kalshi over election contracts, and Polymarket has signaled it plans to relaunch a U.S.-facing product under a DCM license of its own, acquired through the purchase of QCX in July 2025.
What comes next
The round has not yet closed, and terms could change. Investors familiar with the talks told The Information that Polymarket is targeting strategic partners that can help with U.S. distribution and regulatory positioning, not just financial backers. If the full $1 billion materializes, it would be one of the largest single rounds in the crypto-adjacent fintech sector this year, larger than any 2026 Series extension seen so far at a crypto-native exchange.
The next concrete checkpoint is Polymarket’s expected U.S. relaunch under its new DCM license. Regulated U.S. volume, if it materializes at scale, is the variable most likely to justify the $15 billion price tag for new investors.
Frequently asked questions
How much is Polymarket raising and at what valuation?
Polymarket is in discussions to raise $400 million at a valuation of approximately $15 billion, including the new capital, The Information reported on April 19, 2026. Two people familiar with the talks said the total round could grow to $1 billion if additional strategic investors join alongside the lead.
How does Polymarket compare with Kalshi?
Kalshi was last valued at $22 billion and holds a CFTC-regulated Designated Contract Market license that lets it serve U.S. customers directly. Polymarket has higher global trading volume but blocks U.S. residents from its main market, and it plans to relaunch a regulated U.S. product using a DCM license acquired through its purchase of QCX in 2025.
Why is ICE involved?
Intercontinental Exchange, the New York Stock Exchange’s parent company, committed up to $2 billion to Polymarket in October 2025 at a $9 billion valuation and deployed $600 million of that commitment in late March 2026. ICE also acts as the global distributor of Polymarket’s event-outcome data to institutional clients.
