Prediction market Polymarket is in early talks with investors to raise funds at a valuation of $12 billion to $15 billion, marking a 10-fold increase from four months ago, Bloomberg reported on Thursday, citing people familiar with the matter.
It follows a $200 million round in June, led by Peter Thiel’s Founders Fund, which valued it at $1 billion. Earlier this month, Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, announced plans to invest up to $2 billion in Polymarket at a valuation of $8 billion.
Polymarket’s main rival, Kalshi, is also reportedly in talks for new funding that values it at more than $10 billion, more than double what it was worth weeks ago when it raised $300 million at a $5 billion valuation.
Quintalgraphs reached out to Polymarket for comment, but did not receive a response by publication.
Related: Nobel Peace Prize Betting on Polymarkets Under Scrutiny: Report
PolyMarket Partners Draftings, NHL
Polymarket is expanding its partnership. CEO Shane Coplin recently announced that DraftKings will use the platform as a clearinghouse for entry into the prediction markets.
The National Hockey League (NHL) has signed multi-tier agreements with Polymarket and Kalshi, naming both as official prediction market partners.
On Wednesday, Openei CEO Sam Altman’s digital identity project, World (formerly known as WorldCoin), announced that it is expanding into prediction markets by integrating Polymarket. WorldApp, a mobile application that connects digital wallets with WorldID, the world’s decentralized identification tool, has integrated the Polymarket app.
Related: Shayne Coplin, founder of Polymarket, denied the difficulties
Forecast markets See record weekly trading volume
Global interest in prediction markets has reached a new high, with weekly trading volume surpassing $2 billion for the first time in mid-October, according to data from DuneData via Dune Analytics.
During the week, Polymarket saw more than $1 billion in trading volume, accounting for 52.3% of total market activity. Meanwhile, rival Kalshi’s share was around $950 million or 47% of the total.
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