Is Polymarket’s $12B Valuation the Precursor to a Major IPO?

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

I’m following reports from Bloomberg that Polymarket is looking to raise new funding, and this round values the company at $12 billion. That’s a significant jump – a 20% increase – from their last valuation of $10 billion. This news is leading many to wonder if Polymarket might be considering an IPO in the US, similar to what we’ve seen with Kraken.

This news comes as Kraken has been making significant changes. They recently completed an $800 million funding round and, on November 19th, quietly submitted paperwork to become a publicly traded company.

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

As an analyst, I’m following the news that Kraken officially started the process to go public on November 19th by submitting a draft S-1 registration statement to the SEC. While they’ve taken the first step, the details – like how many shares will be offered and at what price – are still up in the air and depend on SEC review and what’s happening in the market.

On November 18th, cryptocurrency exchange Kraken raised $800 million, valuing the company at $20 billion. This is a significant increase from their earlier plans in July to raise $500 million at a $15 billion valuation.

Shortly before the announcement of its initial public offering, Kraken’s co-CEO, Arjun Sethi, called the recent funding a significant accomplishment and commended the team’s hard work.

We’re excited to announce that Kraken has raised $800 million! This is a huge achievement that represents years of hard work, focus, and belief in our vision. I’m incredibly proud of our team and thankful for the support of our partners. However, this isn’t just about the funding itself – I want to share the story behind…

— Arjun Sethi (@arjunsethi) November 18, 2025

Similar to other companies, Circle sought funding before its initial public offering (IPO). They aimed to raise $624 million by selling shares for between $24 and $26 each. This fundraising round happened before they officially filed for their IPO in April, and it’s a typical step for companies preparing to go public in the US.

Is Polymarket Planning a Public Listing?

Polymarket is trying to raise money, hoping to be valued at $12 billion, which shows a major increase following a period of fast expansion.

Polymarket, a prediction market platform, is seeking to raise more funding and is now valued at $12 billion, an increase from its previous valuation of $10 billion, according to Bloomberg.

— zoomer (@zoomerfied) November 20, 2025

The platform has grown to over 1.3 million users and has seen $18.1 billion in trades. The number of daily users has increased significantly, jumping from 20,000 to almost 58,000, partly due to excitement around a possible new POLY token.

Strong support from major financial institutions has been key to the platform’s success. It recently received $2 billion in funding from Intercontinental Exchange, the company that owns the New York Stock Exchange, which is a significant vote of confidence. The platform’s marketing chief, Matthew Modabber, also confirmed plans for a new POLY token and a free distribution to users, ending months of speculation.

On November 13th, Shayne Coplan, the founder of Polymarket, had the honor of ringing the opening bell at the New York Stock Exchange with Jeffrey Sprecher, the CEO of ICE.

Polymarket is now the official prediction market partner of the UFC! During fights, a Polymarket Scoreboard will display real-time win probability percentages. This adds an exciting new layer to watching UFC events.

— Shayne Coplan 🦅 (@shayne_coplan) November 13, 2025

This marked a significant step for Polymarket as it moved into the broader financial world. It happened at the same time as a new, long-term agreement with TKO Group Holdings, naming Polymarket the official platform for predicting outcomes in UFC and Zuffa Boxing events.

Polymarket is launching a new, professional trading platform before the end of the year. This ‘Pro’ version will give institutional traders and experienced users access to things like detailed analytics, better trading tools, and real-time data. It will work alongside their current platform, which is designed for regular users.

Polymarket is creating a new, more advanced version of its platform designed for professional traders. Developer Mustafa Aljadery says it’s expected to launch before the end of the year.

— tsybka (@tsybka) October 18, 2025

Polymarket has started operating in the US again, which supports the idea that it might soon become publicly traded. With support from Intercontinental Exchange (ICE), deals with sports organizations, and increasing company value, the platform appears well-positioned to enter the public market.

This follows a similar pattern to what Kraken did before it went public, suggesting Polymarket might eventually use the same approach to become available to the wider public.

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2025-11-20 19:35