Polymarket in talks to raise funds at a valuation of up to $15 billion

Core Insights - Polymarket is in discussions to raise funds at a valuation between $12 billion and $15 billion, significantly up from its previous valuation of $1 billion just four months ago [1][2] Company Developments - In June, Founders Fund led a $200 million funding round for Polymarket, valuing it at $1 billion [2] - Intercontinental Exchange Inc. announced plans to invest up to $2 billion in Polymarket at a valuation of approximately $8 billion, contributing to CEO Shayne Coplan becoming the youngest self-made billionaire [2] - Polymarket has recently partnered with Draft Kings Inc. to act as a clearinghouse, and the NHL has signed multiyear deals with both Polymarket and its competitor Kalshi [5] Industry Trends - The prediction market industry is experiencing rapid growth, with Polymarket and Kalshi seeing trading volumes exceed $2 billion during the week ending October 19, surpassing previous peaks [4] - The increasing valuations of Polymarket and Kalshi reflect a growing interest in the convergence of gambling and financial markets [3][4] Competitive Landscape - Kalshi, Polymarket's main competitor, is also receiving funding offers that would value it at over $10 billion, indicating a doubling of its valuation in a recent financing round [3] Regulatory Environment - The prediction markets face regulatory challenges, with the Commodity Futures Trading Commission allowing Kalshi to open new markets, while state gaming regulators have raised concerns [6]