Polymarket Targets $20 Billion Valuation as Competition Heats Up

Polymarket is back in the fundraising market as Coinbase, Robinhood, and Kalshi continue expanding prediction markets. That is sharpening the battle for users, capital, and regulatory footing.

Key Takeaways

• Polymarket is seeking fresh funding at a $20 billion valuation, after raising at a $15 billion valuation in April.
• Intercontinental Exchange put $600 million into that earlier round, Bloomberg reported.
• Kalshi is also looking to raise money at a $40 billion valuation, while Polymarket relies on blockchain infrastructure and crypto settlement.

Polymarket is trying to raise new capital at a $20 billion valuation, Bloomberg reported Tuesday, citing people familiar with the matter. The blockchain-based prediction markets platform is back in discussions with investors only a few months after its April fundraise, when it was valued at $15 billion (€13 billion).

Fast Valuation Growth

Bloomberg said that earlier round included a $600 million (€521 million) investment from Intercontinental Exchange, the company behind the New York Stock Exchange. The deal suggests that interest in prediction markets is coming not just from crypto-native firms, but also from major names in market infrastructure.

Polymarket has long framed itself as an information platform rather than a gambling product. In March, CEO Shayne Coplan said prediction markets let people express what they think when they disagree with the consensus, and he described the platform as a kind of thermometer for the world. Over time, he wants it to grow beyond major headlines and become a broader record of future events.

Competition in the Sector

The timing of the new fundraising effort lines up with a market that is growing quickly in the US. More crypto-native companies are adding prediction markets to their products, including Coinbase and Robinhood. At the same time, Kalshi, Polymarket's biggest competitor, is reportedly seeking capital at a $40 billion (€34.7 billion) valuation.

The two platforms also differ in how they are built. Kalshi operates as a federally regulated exchange in the US, while Polymarket runs on blockchain infrastructure and settles trades in crypto. That gives each platform a different appeal, even though both focus on similar events and outcomes.

Why This Matters

For European crypto readers, the bigger picture is that prediction markets are moving from a niche idea into a category that both crypto companies and traditional finance firms are taking seriously. With blockchain rails, crypto settlement, and growing institutional interest, the sector could play a bigger role outside the US as well.

It also fits a wider trend in crypto, where companies are branching out beyond simple spot trading. For investors and market watchers, the main point is that valuations in this corner of the market can move quickly, even as the sector remains highly sensitive to regulatory differences across platforms and jurisdictions.