Intercontinental Exchange (NYSE: ICE) completed a $600 million direct cash investment in prediction market platform Polymarket on Friday, as part of Polymarket’s equity capital fundraising, the company said. ICE also expects to purchase up to $40 million of Polymarket securities from existing holders.
The $600 million is primary capital flowing into Polymarket’s balance sheet through the fundraising. The up to $40 million in secondary purchases, if completed, would go to existing Polymarket shareholders rather than the company itself.
ICE made an initial $1 billion direct investment in Polymarket in October 2025. Friday’s additional direct tranche, together with the anticipated secondary purchases, completes ICE’s obligations under the investment arrangement announced at that time.
The total commitment comes to roughly $1.64 billion across both tranches, assuming the secondary purchases proceed at the upper end of the range.
What remains undisclosed
ICE said the investments are not expected to have a material impact on its financial results or capital return plans. ICE is a Fortune 500 company that operates the New York Stock Exchange and major futures, equity and options exchanges globally.
The valuation tied to Friday’s investment has not been disclosed. ICE said certain terms, including valuation, are expected to be published after Polymarket’s fundraising is completed. The round size, post-money valuation and ICE’s resulting ownership stake have not been made public.
ICE’s initial $1 billion investment was announced in October 2025, and Friday’s additional direct investment, together with the expected secondary purchases, completes the arrangement. Valuation terms are due after Polymarket’s fundraising finishes.
