POLYMARKET IN TALKS TO RAISE MONEY AT ABOUT $15 BILLION VALUATION: THE INFORMATION

Prediction markets platform Polymarket is talking to investors about raising $400 million in funding at a valuation of about $15 billion including the new money, The Information reported ‌on ⁠Sunday, citing ⁠two people familiar with the talks.

Reuters could not immediately verify the report. Polymarket did not immediately respond to a Reuters' request for comment.

The report on new funding comes after a $600 million investment from New York ⁠Stock Exchange ‌parent Intercontinental Exchange announced last month.

The funding was part of the exchange ⁠operator's previously announced plan to invest up to $2 billion in Polymarket to expand into the fast-growing event-based trading segment.

According to The Information report, the new financing would add to the $600 million already invested in the funding round by Intercontinental Exchange.

Polymarket ‌is looking to add additional strategic investors beyond Intercontinental Exchange to the round, which could total $1 ⁠billion, the report said.

Investors have been looking to expand into the event-based trading segment as prediction markets increasingly shift from a niche corner of crypto and academic finance into a rapidly growing segment, with volumes and user activity surging.