Decentralized prediction markets platform Polymarket is in talks to raise $400 million in new funding at a $15 billion valuation, The Information reported Sunday, citing sources familiar with the matter.

The potential raise builds on reports in October that Polymarket was in early-stage talks with investors to secure additional funding at a valuation between $12 billion and $15 billion.

Polymarket had a $9 billion post-money valuation in October after its NYSE parent company, Intercontinental Exchange, agreed to invest up to $2 billion. The new funding would add to the $600 million already committed by Intercontinental Exchange, according to The Information.

Polymarket is also seeking to bring in additional strategic investors beyond Intercontinental Exchange, potentially bringing the total funding size to $1 billion, per the report.

The Block has reached out to Polymarket for comment.

Rising competition

Polymarket and rival Kalshi have been attracting increased investor interest in the past months. In March, Kalshi reportedly raised over $1 billion at a $22 billion valuation, roughly doubling its value since November.

Kalshi and Polymarket remain the dominant prediction market platforms, with Kalshi recording about $13 billion in monthly volume in March, compared with Polymarket's $10.57 billion, according to The Block's data dashboard.

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Meanwhile, the industry continues facing regulatory pressure. Both Kalshi and Polymarket took measures last month to curb insider trading risks as U.S. lawmakers pushed for tighter restrictions on the sector. 

In March, U.S. senators Adam Schiff and John Curtis introduced the "Prediction Markets Are Gambling Act," seeking to bar prediction contracts tied to sports or casino-style games from being listed or traded on a registered platform.

In response, Kalshi introduced new screening tools, while Polymarket expanded restrictions on market abuse.