Polymarket reportedly eyes $21B valuation as investors push for a COO

Polymarket is reportedly in advanced talks to raise about $1 billion at a valuation of approximately $21 billion post-money. That would more than double the roughly $9 billion price tag it carried after Intercontinental Exchange (ICE) invested in 2025. The money comes with some pointed advice attached. ICE and Founders Fund have both urged CEO Shayne Coplan to hire a chief operating officer. As of mid-October 2026, nobody holds that job. The round, the backers, and the stake The new round is expected to be led by 1789 Capital. The firm already has skin in the game: it previously put roughly $200 million into the blockchain-based prediction market. ICE remains the heavyweight on the cap table. The New York Stock Exchange’s parent company has invested $1.6 billion in Polymarket across several funding tranches. Its total commitments approach $2 billion. That capital has bought ICE an estimated 22% of the company. Still, nothing is final. The deal is being negotiated, and the figures reflect what the round is expected to look like rather than a closed transaction. Governance, expenses, and a growing executive bench Coplan has faced scrutiny over personal expenses charged to the company...