Polymarket seeks $12-$15B valuation in latest funding talks

Polymarket, a blockchain-based prediction market platform, is in advanced talks to raise new funding that could value the company between $12 billion and $15 billion, a substantial increase from its $1 billion valuation just four months ago. This rapid growth reflects surging investor interest and user activity, with weekly trading volumes recently surpassing $2 billion, fueled by events like U.S. elections and sports seasons. The company has attracted major financial backers including Peter Thiel's Founders Fund and Intercontinental Exchange, which committed $2 billion at an $8 billion valuation earlier this month. Polymarket's CEO Shayne Coplan became the youngest self-made billionaire as the startup deepens partnerships with major entities such as DraftKings and the National Hockey League, integrating official sports data and serving as a clearinghouse for prediction markets. Its rival Kalshi is also experiencing a valuation surge, reportedly exceeding $10 billion, signaling broader excitement in the prediction market sector where betting and finance converge. This momentum has caught the attention of established sports betting firms like DraftKings and Flutter, who are exploring entry into this emerging market space.