Posted on: November 20, 2025, 04:24h.
Last updated on: November 20, 2025, 04:24h.
- Report suggests prediction market, crypto exchange have similarities
- Rumors recently surfaced Polymarket could raise capital at a valuation of up to $15 billion
On Wednesday, cryptocurrency exchange operator Kraken filed a Form S-1 registration statement with the Securities and Exchange Commission (SEC), a step on the way to a potential initial public offering (IPO). The filing is also stoking talk that Polymarket could follow a similar path.
An article by BeInCrypto highlighted Kraken’s recent fundraising success. On Tuesday, the company procured $800 million in capital at a $20 billion valuation just four months after it secured $500 million at a $5 billion multiple.
Polymarket, which says it’s the largest prediction market operator in the world, has been on similarly torrid pace of raising capital while seeing its multiple surge. In June, Peter Thiel’s Founders Fund invested $200 million in event contracts firm at a $1 billion valuation. Last month, Intercontinental Exchange (NYSE: ICE), the owner of the New York Stock Exchange (NYSE), took a $2 billion stake in Polymarket at a pre-money valuation of $8 billion.
More recent reports suggest the next funding round by Shayne Coplan’s company could take its valuation to $12 billion to $15 billion.
For now, Polymarket IPO Just a Rumor
For the moment, talk of a Polymarket IPO is just that: talk. The company hasn’t publicly commented on potentially selling equity to public investors.
However, it is easy to understand why the speculation surfaced. Polymarket is in the nascent stages of its return to the US and there has been ample talk of the derivatives exchange potentially introducing its own digital currency. In some crypto circles, that’s a foregone conclusion.
Additionally, Polymarket’s relationship with the owner of NYSE and its recent flurry of deals have heightened speculation the company could be primed for an IPO. Recent agreements notched by Coplan’s company include the finance sections of Google and Yahoo, PrizePicks, and UFC, among others.
Combine those factors with the aforementioned ballooning valuation and talk of Polymarket platform dedicated to institutional investors and it’s understandable that the unconfirmed IPO talk is gaining momentum.
Polymarket IPO Could Be Huge for Current Investors
Following ICE’s $2 billion investment, Coplan became the youngest self-made billionaire in history so he doesn’t need an IPO per se, but such a transaction would provide an off ramp for other investors. Those include Thiel, Donald Trump Jr., and Ethereum co-founder Vitalik Buterin, among others.
It’s not clear if those investors are pushing Coplan to consider an IPO, but it’s likely the offering would generate considerable because recent crypto-related IPOs have done the same and there’s been a dearth of compelling wagering-linked firms coming to public markets.
While it’s evident Polymarket’s revenue, valuation, and volume are increasing, the company has yet to publicly release profitability data, though that information would be disclosed if it pursues an IPO.
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