Prediction market Polymarket is in early talks with investors to raise funds at a valuation of $12 billion to $15 billion, potentially marking a 10-fold surge from four months ago, Bloomberg reported on Thursday, citing people familiar with the matter.
This follows a $200 million round in June, led by Peter Thiel’s Founders Fund, which valued the startup 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 an $8 billion valuation.
Polymarket’s main rival, Kalshi, is also reportedly in talks for new funding that would value it at over $10 billion, more than double its worth from weeks ago when it raised $300 million at a $5 billion valuation.
Cointelegraph reached out to Polymarket for comment, but had not received a response by publication.
Related: Nobel Peace Prize bets on Polymarket under scrutiny: Report
Polymarket partners with DraftKings, NHL
Polymarket has been expanding its partnerships. CEO Shayne Coplan recently announced that DraftKings will use the platform as a clearinghouse for its entry into prediction markets.
The National Hockey League (NHL) has signed multiyear agreements with Polymarket and Kalshi, naming both as official prediction market partners.
On Wednesday, OpenAI CEO Sam Altman’s digital identity project, World (formerly known as Worldcoin), announced that it is expanding into prediction markets by integrating Polymarket. World App, a mobile application that combines a digital wallet with World’s decentralized identity tool, World ID, has integrated the Polymarket App.
Related: Polymarket founder Shayne Coplan defies the odds
Prediction markets see record weekly trading volume
Global interest in prediction markets has reached new levels, with weekly trading volumes surpassing $2 billion for the first time in mid-October, according to data from Dunedata via Dune Analytics.
Prediction markets see over $2 billion in weekly trading volume. Source: Dune AnalyticsDuring the week, Polymarket saw over $1 billion in trading volume, capturing 52.3% of total market activity. Meanwhile, rival Kalshi accounted for about $950 million, or 47% of the total.
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