Polymarket is in early discussions with investors to raise new funding at a valuation between US$12 billion and US$15 billion, according to sources.

The prediction market, led by CEO Shayne Coplan, was valued at US$1 billion in June after a US$200 million round led by Founders Fund.

Earlier this month, Intercontinental Exchange said it would invest up to US$2 billion in Polymarket, valuing it at about US$8 billion.

Polymarket’s main rival, Kalshi, is also reportedly seeking funding at a valuation of over US$10 billion.

Both firms recently saw weekly trading volumes surpass US$2 billion, beating the previous record set during the last US presidential election.