According to a report published today (April 20), Polymarket is in discussions to raise $400m in funding, potentially valuing the blockchain-based prediction market operator at $15bn.
The Information reported on the funding round, citing unidentified sources familiar with the deal.
The reported raise builds on previous funding rounds and investments, including a $2bn investment from NYSE owner Intercontinental Exchange announced last year.
The prediction markets operators has been through multiple funding rounds, including a Series B in May 2024, amounting to $45m. Founders Fund led the pack in that round, while other investors included Vitalik Buterin, Dragonfly Capital, and ParaFi Capital.
Before that, a Series A funding round saw Polymarket raise $25m, with General Catalyst the lead investor.
The proposed $15bn valuation demonstrates a substantial increase relative to previous rounds, amid rapidly growing interest in financial markets with event-based prediction functionality among investors.
The growth in interest in Polymarket correlates well with growing demand for political betting markets. The platform operates on Polygon’s blockchain and allows users to trade outcome-based assets using USDC tokens.
Polymarket revenue on the up in 2026
Polymarket saw explosive growth last year, with trading volume estimate to exceed $20bn. However, revenue estimates for the year vary between $0 and $17.9m, based on different analyses of fee structures and user acquisition strategies.
Despite the explosive growth, there had been limited monetization of the platform at that point.
A plan is currently underway to change that, with various strategies, including transaction fees and paid features, being implemented.
Polymarket previously only charged transaction fees on certain markets, including sports and cryptocurrency. However, it announced earlier this year that it would begin charging fees on nearly all of its markets.
According to data compiled by on-chain analyst DefiOasis, the change is paying off. As of 1 April, Polymarket’s daily fee revenue reportedly crossed $1m.
Polymarket works to overcome turbulent past
The fundraising process takes place against a complicated regulatory background. In 2022, Polymarket agreed with the Commodity Futures Trading Commission (CFTC) regarding a violation of registration requirements, which resulted in a $1.4m penalty.
Then, the project shifted toward decentralization and restricted access for US customers.
However, it returned to the US last year. Following a multi-year regulatory restructuring and a strategic pivot toward traditional financial licensing, Polymarket acquired QCEX (a CFTC-licensed exchange and clearinghouse) in July 2025 for $112m.
This provided the platform with the Designated Contract Market (DCM) status required to offer event-based contracts legally.
By last November, the CFTC officially granted Polymarket an amended order of designation, allowing it to re-enter the US under a strictly regulated model involving Know Your Customer (KYC) verification and the use of Futures Commission Merchants (FCMs) as intermediaries.
Soon after, Polymarket received the $2bn investment from Intercontinental Exchange.
Polymarket is currently involved in several legal battles and has been the target of cease-and-desist orders, alongside other prediction markets, in several US states. It has also been banned in the Netherlands, Argentina and other countries.