Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), said it added another $600 million to its investment in prediction market platform Polymarket, closing a previously announced financing deal between the two companies.
The new capital comes on top of a $1 billion investment ICE made in October. ICE also plans to purchase up to $40 million in additional shares from existing holders, bringing its total commitment closer to $2 billion. The company said the investment will not materially affect its financial results.
Polymarket runs a marketplace where users trade based on the outcome of real-world events, from elections to the release of economic data. A trader, for example, could buy stocks that pay if inflation exceeds a specific level. Prices change in real time, reflecting crowd expectations.
ICE’s backing gives Polymarket more than capital. Link the platform with one of the emerging names in the global markets. Rival platform Kalshi recently raised more than $1 billion at a valuation of $22 billion, roughly double its previous mark. The company is already generating an estimated $1.5 billion in annual revenue, highlighting strong demand for event-based commerce.
Investor interest has grown even as policymakers question whether prediction markets are vulnerable to manipulation or insider activity. These concerns could determine how regulators treat both Polymarket and its peers in the coming years.
Polymarket has taken steps to position itself for that scrutiny. It acquired a licensed exchange and clearinghouse earlier this year as it expanded its political and financial ties. It also recently announced a partnership with Palantir and TWG AI to build a surveillance system aimed at detecting suspicious transactions and manipulations in its sports prediction markets.
ICE’s investment indicates that large traditional market operators see potential in the sector. If prediction markets gain broader approval, they could sit alongside stocks and futures as another way for traders to express their views on upcoming events.
