A crypto-based prediction market platform where users trade on the outcomes of real-world events across politics, sports, and current affairs.
Named as a constituent of Morningstar PitchBook Global Unicorn, Morningstar PitchBook US Unicorn 100, Hiive50 Index and Forge Accuidity Private Market Index — a fact about those indexes, not an endorsement.
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Funding roundsSecondary market price
Valuation path is unusually well-documented but internally inconsistent across sources -- roughly $1B (mid-2025) to $9B (Oct 2025, ICE Series D) to $15B (Apr 2026, ICE-anchored round) to $21B (Sept 2026, 1789 Capital-led) in about 14 months. ICE (NYSE's parent) now holds an estimated 22-25% of Polymarket after its Oct 2025 and Mar/Apr 2026 tranches. Regulatory history is material: Polymarket was blocked for US users under CFTC action, and only regained US access via its 2025 acquisition of QCEX (a CFTC-licensed exchange) -- an investor should treat continued US regulatory compliance as a live risk, not resolved. CEO Shayne Coplan has been widely reported (though not traced to one dated primary quote) as saying an IPO is 'not a near-term priority'; JPMorgan ended its banking relationship with Polymarket in Oct 2025 over regulatory concerns while simultaneously positioning to underwrite a future Polymarket IPO.
Low: GetLatka, Dec 2025. High: Tracxn, Aug 2026.
As of 2026-09-13 · live via ashby's public job board · ≈24.0% of the 129–512 estimated team
+9 more roles across 7 other teams.
See all open roles at Polymarket →Polymarket is an event-market platform whose outcome positions are tokens on the Polygon network: an operator matches orders off-chain while settlement happens on-chain, non-custodially, and markets resolve through UMA's Optimistic Oracle. After a CFTC penalty it acquired a CFTC-designated contract market and clearing organization, and the company said its US iOS app was being rolled out to a waitlist.
| Date | Type | What |
|---|---|---|
| Apr 28, 2026 | Milestone | Cut over to CTF Exchange V2: new contracts, a rewritten order book and pUSD, a collateral token the company says is backed 1:1 by USDC |
| Mar 18, 2026 | Acquisition | Brahma |
| Mar 2026 | Milestone | Quantstamp and Cantina audits of CTF Exchange V2, as listed in the V2 repository |
| Feb 19, 2026 | Acquisition | Dome |
| Dec 3, 2025 | Milestone | The company said its US iOS app was being rolled out to a waitlist, starting with sports |
| Nov 25, 2025 | Milestone | Polymarket announced the CFTC had amended QCX's designation order to permit intermediation by futures commission merchants |
| Sep 2, 2025 | Milestone | CFTC staff issued the two entities a no-action letter on swap data reporting for fully collateralized event contracts |
| Jul 21, 2025 | Acquisition | QCEX (QCX LLC and QC Clearing LLC) |
| Jul 2025 | Milestone | CFTC designated QCX LLC as a contract market (Jul 9); Polymarket announced the acquisition of its owner, QCEX, with QC Clearing LLC (Jul 21) |
| Jan 3, 2022 | Milestone | CFTC found it had offered off-exchange binary options on 900-plus markets, imposed a $1.4 million penalty, ordered non-compliant markets wound down |
| Jun 2020 | Milestone | Platform began offering event markets in approximately June 2020, according to the CFTC's later order |
Polymarket is operated by Blockratize, Inc., a Delaware corporation doing business as Polymarket, founded by Shayne Coplan. The CFTC's January 3, 2022 order states the platform began offering event markets in approximately June 2020. Outcome positions are ERC-1155 tokens issued under the Conditional Tokens Framework (CTF), traded against an ERC-20 collateral token on the Polygon network. The company's exchange repository describes a hybrid model: an operator matches orders off-chain while settlement happens on-chain, non-custodially, as atomic swaps between CTF tokens and collateral. A separate Neg-Risk adapter groups mutually exclusive yes/no markets so that a 'no' position in one can be converted into 'yes' positions in the others. On April 28, 2026 the company cut over to CTF Exchange V2: new contracts, a rewritten order book that cleared all resting orders, and a new collateral token, pUSD, which the company says is backed 1:1 by USDC with the backing enforced by the contract. The V2 repository lists Quantstamp and Cantina audits from March 2026.
Markets resolve through UMA's Optimistic Oracle via Polymarket's UMA CTF Adapter contract. When a market is initialized a resolution request goes to the oracle. If the proposed answer is not disputed within a liveness period, currently about two hours according to the repository, the adapter can resolve the condition. A first dispute automatically resets the request; a second escalates to UMA's Data Verification Mechanism, which the repository says takes 48 to 72 hours. The repository states that OpenZeppelin audited the adapter and ChainSecurity audited the original exchange; both are published under the MIT licence.
On January 3, 2022 the CFTC found that Blockratize had offered off-exchange event-based binary options across more than 900 markets without designation as a contract market or registration as a swap execution facility; it imposed a $1.4 million civil penalty and ordered non-compliant markets wound down. On July 21, 2025 Polymarket announced the $112 million acquisition of QCEX, owner of QCX LLC, which the CFTC had designated as a contract market on July 9, 2025, and QC Clearing LLC, a derivatives clearing organization. CFTC staff issued the two entities a no-action letter on swap data reporting for fully collateralized event contracts, dated September 2, 2025 and announced September 3. Polymarket announced on November 25, 2025 that the Commission had amended the designation order of QCX, by then doing business as Polymarket US, to permit intermediation by futures commission merchants. The company said on December 3, 2025 that its US iOS app was being rolled out to a waitlist, starting with sports.
In 2026 the company bought in parts of its tooling. Dome, a prediction-market API startup, announced on February 19, 2026 that Polymarket was acquiring it. Fortune reported on March 18, 2026 the acquisition of Brahma, a DeFi infrastructure startup whose co-founder said it could reduce friction in wallet creation, deposits and redemption of outcome tokens; terms were not disclosed. A Google Patents assignee search on September 19, 2026 returned no patents or applications for Blockratize, Polymarket or Adventure One QSS. The core stack depends on components the company did not originate: the Conditional Tokens Framework, UMA's oracle and the Polygon network.
Profile as of Sep 19, 2026.
| Round | Date | Valuation | Lead |
|---|---|---|---|
| Series (1789 Capital-led) | 2026-09-01 | $21.0B+40% | 1789 Capital |
| Series E | 2026-03-25 | $15.0B+67% | Intercontinental Exchange (ICE, anchor investor) |
| Series D | 2025-10-07 | $9.0B+800% | Intercontinental Exchange (ICE) -- sole investor, confirmed |
| Series C (reported) | 2025-06-01 | $1.0B-17% | Founders Fund |
| Undisclosed round (retroactively disclosed) | 2025-02-01 | $1.2B | Founders Fund (also Ribbit Capital, Valor Equity Partners, Point72 Ventures, SV Angel, 1789 Capital, 1confirmation, Coinbase Ventures, Dragonfly) |
| Undisclosed round (SEC Form D) | 2024-10-04 | — | Not disclosed -- SEC Form D lists only the company's own officers/directors, not the investor(s) |
| Series B | 2024-05-01 | $1.0B+186% | Founders Fund (Vitalik Buterin participating) |
| Undisclosed round (retroactively disclosed) | 2024-01-01 | $350M | Blockchain Capital (also Founders Fund, 1789 Capital, 1confirmation, Abstract, Coinbase Ventures, Dragonfly, ParaFi, SV Angel) |
No upcoming rounds currently reported.
| Status | S-1 Not Filed |
|---|---|
| Banks | JPMorgan is positioning to underwrite a future IPO, despite ending its banking relationship with Polymarket in Oct 2025 over regulatory concerns |
| Key hire | Warren Jenson -- four-time Fortune 500 CFO (Amazon, Electronic Arts, Delta Air Lines, NBC; most recently President/CFO of Nielsen) -- hired as Polymarket's first CFO, announced September 10, 2026 |
| Timing | unlikely in the next 1-2 years |
| Notes | CEO Shayne Coplan is widely reported as saying an IPO is 'not a near-term priority.' An ongoing CFTC investigation and unresolved prediction-market regulatory litigation are cited by press as headwinds. |
| Source | Financial Times (via CoinDesk/The Block/Benzinga, Aug 14-15 2026); Polymarket press release and Bloomberg, Sep 10 2026 (Warren Jenson hire) |
Polymarket/Kalshi rows are live market-implied odds, not a PrePost prediction; everything else is a cited news signal. PrePost doesn't publish its own IPO forecast.