Prediction market platform Polymarket is seeking a valuation above $20 billion as it pursues a new funding round. The talks would extend a valuation climb that began in October 2025, even as the company faces ongoing regulatory scrutiny.
Fundraising milestones have accelerated quickly. Finance Magnates reported at the time that Intercontinental Exchange agreed to invest up to $2 billion in the platform at an $8 billion valuation with further round being discussed, in a range of $12 billion to $15 billion.
Finance Magnates reported in April 2026 that Polymarket was seeking to add $400 million to a round already anchored by ICE’s $600 million commitment, targeting a total of $1 billion and a $15 billion valuation.
That round has now closed. Bloomberg reports it brought in D.E. Shaw and G Squared as new investors, with existing backers SV Angel, Dragonfly and Valor Equity Partners also adding capital. The total came to about $1 billion, confirming the figures reported in April.
Travis VanderZanden, who led international growth at Uber after running operations at Lyft, joined as chief growth officer. Hayk Mkrtchyan, an engineer who helped build the New York Stock Exchange’s Pillar trading platform, is now running development of Polymarket’s US exchange. The company also opened its US platform during this period, giving domestic users direct access for the first time.
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This rapid expansion contrasts sharply with the regulatory environment. Polymarket remains under investigation by the CFTC over its social media marketing practices, following reports that the company pushed promotional content later flagged as misleading. The company has said it launched an internal audit of its promotional material in response.
At the same time, the firm’s push into the US market depends on the outcome of ongoing court fights between the CFTC and several states over whether prediction markets fall under federal derivatives law or state gambling law. This legal uncertainty creates a friction point between the company’s commercial success and its regulatory standing.
The new round is at an early stage and could bring in about $1 billion, according to Bloomberg, citing people familiar with the matter. Polymarket declined to comment on the talks.
D.E. Shaw, which manages more than $100 billion, is among the earliest firms to build a business on algorithmic trading. Its stake represents one of the clearest signals of quant-fund interest in prediction markets as an asset class. The firm’s involvement suggests that sophisticated financial institutions are treating the platform not just as a novelty, but as a serious vehicle for exposure to market events.
The company’s growth trajectory, however, remains tightly coupled to regulatory outcomes. While the capital raised in April 2026 provides liquidity for expansion, the path forward for prediction markets in the United States is still being defined in courtrooms. Investors are betting on a favorable legal interpretation, but the risks of a crackdown on the sector remain a constant undercurrent in the background of these negotiations.