Polymarket, a prediction market platform, is reportedly targeting a valuation exceeding $20 billion as it seeks to initiate a new funding round aimed at raising around $1 billion. According to Bloomberg, these discussions are still in their preliminary stages, with no final agreement in place as of yet. If the funding round is successful, it would more than double the company's valuation from $9 billion recorded in October.
The company is reportedly in talks with potential investors about this significant investment, particularly following a deal with Intercontinental Exchange (ICE), known for owning the New York Stock Exchange. Interest in prediction markets is rising among investors as platforms shift focus from primarily political events to areas like sports and finance.
The heightened trading activity around events such as the FIFA World Cup has further boosted the platform's trading volumes in June and July. Since launching its regulated U.S. platform, Polymarket has purportedly achieved an annual revenue of $1.2 billion.
Despite its growth trajectory, Polymarket is encountering regulatory hurdles. The company recently declared its intention to appeal a decision from French regulators that deemed access to its platform unlawful, effectively banning it in the country. Additionally, it has tightened access to its services in certain Canadian provinces, such as Alberta, British Columbia, and Quebec.
