$12 Billion Valuation and an ICE Deal—Is Polymarket About to Go Public?

Polymarket is seeking new capital at a $12 billion valuation, according to Bloomberg. This marks a 20% increase from its previous $10 billion round and has sparked speculation that the prediction market platform could follow Kraken’s path toward a US IPO.

The timing aligns with Kraken’s recent moves. The exchange closed an $800 million raise before confidentially filing for an IPO on November 19.

Does Kraken’s IPO Blueprint Set Stage for Polymarket Public Listing?

On November 19, Kraken submitted a draft Form S-1 registration statement with the US Securities and Exchange Commission. This move officially began the IPO process. The number of shares and pricing remain undetermined pending review by the SEC and market conditions.

Pursuing public markets, Kraken secured $800 million in funding at a $20 billion valuation on November 18. This funding surpassed the initial plan of $500 million, which was announced at a $15 billion valuation earlier in July.

Just hours before the IPO news, Kraken co-CEO Arjun Sethi described the raise as a milestone and praised the team’s achievements.

Circle also followed the same capital-raising approach, with the USDC issuer setting an initial target of raising $624 million at a per-share price of $24 to $26. This preceded its IPO filing in April, highlighting a common trend among firms looking to go public in the US.

Is Polymarket Planning a Public Listing?

Polymarket’s effort to raise funds at a $12 billion valuation represents a significant escalation after months of rapid growth.

The platform now counts over 1.3 million traders and has processed $18.1 billion in trading volume. Daily active users climbed from 20,000 to nearly 58,000, spurred in part by speculation about a potential POLY token.

Backing from institutional players has been pivotal. The platform secured $2 billion in backing from Intercontinental Exchange, parent of the New York Stock Exchange, an institutional validation milestone. CMO Matthew Modabber confirmed plans for a native POLY token and airdrop, answering months of market rumors.

On November 13, Polymarket founder Shayne Coplan rang the opening bell at the New York Stock Exchange alongside ICE CEO Jeffrey Sprecher.

The moment symbolized Polymarket’s entry into mainstream finance. It coincided with the announcement of a multi-year exclusive partnership with TKO Group Holdings, making Polymarket the official prediction market for UFC and Zuffa Boxing.

Polymarket also plans to debut a professional trading platform by year-end. This Pro tier will offer advanced analytics, execution tools, and data feeds, serving institutional traders and sophisticated participants. It will complement the existing retail platform interface.

Recently, Polymarket resumed US operations, adding credence to the public listing supposition. Institutional backing from ICE, sports partnerships, and a rising valuation position the platform for potential public market participation.

This mirrors many steps Kraken took before its IPO, hinting at Polymarket’s possible strategy for public access down the line.

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