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Pre-IPO

Polymarket

Leading global prediction market, with a CFTC-regulated U.S. exchange and ICE (NYSE parent) as strategic shareholder.

Last published price (USD)170.00
10/2025 — 10/2026+63.5%
10/202503/202608/202610/2026
170.00Last published price (USD)
$21.0BPost-money valuation
HighMarket activity
LiveStatus

Who they are & what they do

SectorFintech
Industries
Prediction MarketsExchanges & Trading InfrastructureDigital Assets / BlockchainFinancial Market Data
Company overview

Polymarket is one of the two leading prediction-market venues globally, alongside Kalshi. Users trade binary event contracts on politics, sports, macroeconomics, crypto and culture, and the prices act as real-time implied probabilities. Settlement runs in USDC on the Polygon blockchain. The platform moved from a zero-fee model to taker fees during 2026, charging no maker fees and funding maker rebates from taker revenue. Sacra estimates annualized revenue reached about $1B by June 2026. Monthly volume peaked at $10.5B in March 2026, and sports is now the largest category at roughly 40% of volume. Beyond trading, Polymarket is building an information-infrastructure business. ICE distributes its Signals and Sentiment data product to institutional clients, and its pricing data is embedded in X, Google Finance and Yahoo Finance.

The company has re-entered the U.S. market under federal oversight. It acquired QCEX for $112M in July 2025 to obtain CFTC exchange and clearing licenses, and a November 2025 amended designation enabled intermediated U.S. access through brokerages and FCMs. ICE invested $1.0B in Series D preferred in October 2025 and a further $600M in Series E in March 2026. Over the same period the valuation rose from about $1.2B in early 2025 to $15B in April 2026, and then to a $21B post-money valuation in the current round led by 1789 Capital. This places Polymarket just below Kalshi, which raised a $1B Series F at $22B in May. Key considerations for investors are continued pushback from sports leagues and state officials over event contracts, a still-unresolved federal-versus-state jurisdictional question, and market-integrity scrutiny, including a Columbia University study estimating that wash trading averaged about 25% of activity over three years

Key investors

1789 CapitalIntercontinental Exchange (Ice)Founders FundGeneral CatalystBlockchain CapitalPolychain CapitalDragonflyD.E. ShawG SquaredRibbit CapitalValorPoint72 VenturesCoinbase VenturesVitalik Buterin
Founded 2020
Country United States
Employees ~200
Website polymarket.com

Website: polymarket.com

Why look at this deal

Highlights

  1. 01ICE-Backed
  2. 02CFTC-Regulated
  3. 03Category Leader
  4. 04$1B Run-rate
  5. 05Below-Round Entry

Deal snapshot

Market activityHigh
Last published price (USD)170.00
Last roundGrowth equity
Round dateAug 2026
Amount raised (last round)$1.0B
Post-money valuation$21.0B
Total funding$3.8B
LFR price/share$185

Locked fields are disclosed after expressing interest.

Pre-IPO investment risks

Standard notice applying to all pre-IPO deals. This platform only publishes information about the opportunity: each deal is managed by a regulated, licensed investment firm or bank in the relevant jurisdictions.

  1. Illiquidity. There is no regulated market: the ability to sell depends on secondary-market demand.
  2. Price not guaranteed. The last published price is not an official market price and can vary between transactions.
  3. Uncertain valuation. Based on private rounds and limited transactions, not on audited public financial statements.
  4. No IPO guarantee. The listing may be delayed or never happen; the liquidity horizon is undetermined.
  5. Lock-up. If the company lists, selling restrictions of 90–180 days or longer may apply.
  6. Limited information. Private companies have reduced disclosure obligations and not-always-audited data.
  7. Dilution. Subsequent rounds can dilute existing positions, even significantly.
  8. Transfer restrictions. Rights of first refusal (ROFR) and corporate consents can delay or prevent settlement.

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