Polymarket weighs stock listing or token at $20 billion valuation

Polymarket is studying both a share sale to the public and a blockchain token as ways to raise money and grow, Bloomberg reported on October 13, 2026. The prediction market operator has made no formal commitment to either path, and no schedule has been set.

The two options are not exclusive of each other, according to the report: the company could sell stock while separately issuing an on-chain asset tied to functions on its platform. At the TOKEN2049 conference in Singapore on October 7, 2026, Polymarket's chief executive said the company was examining on-chain assets with programmable uses. Polymarket has said it has never announced an airdrop or a token generation event.

The company was valued at roughly $9 billion in 2025 after a strategic investment by Intercontinental Exchange, which owns the New York Stock Exchange. A round in April 2026 lifted that to about $15 billion, and by August 2026 talks were said to be taking place above $20 billion. Annualised revenue is reported to be well above $1 billion; over one weekend the platform took in about $9.9 million, against roughly $2.64 million for Hyperliquid.

Polymarket bought QCEX to operate under Commodity Futures Trading Commission oversight, started Polymarket US and has hired executives from traditional finance.

This story was first reported by The Paypers.