Polymarket, the prediction‑market platform, is lining up a fresh $400 million raise that would push its valuation to $15 bn. The move follows a $600 million funding round last month that saw Intercontinental Exchange (ICE) confirm it had met its $2 bn commitment in full. Investors now eye larger stakes in the growing sector.

ICE’s cumulative stake stands at $1.6 bn, a jump from the $1 bn it pledged when it first bought a slice last year at a $9 bn valuation. The new round would still lag behind rival Kalshi, which closed a $1 bn deal at a $22 bn price tag.

Trading activity has surged, with Polymarket’s notional volume hitting $10.6 bn in March—six times the figure from six months earlier, according to Dune Analytics data. The platform remains largely international, though it is piloting a US‑focused app that could open new revenue streams.

Polymarket faces a strategic choice: accept the $400 million at $15 bn or wait for a higher valuation that could boost investor returns. The decision will shape the company’s ability to scale its betting marketplace and compete for market share in a sector that is attracting significant capital.