Polymarket stock: is Polymarket public, and is there a POLY token?

Contents

This page is information, not investment advice. It contains no price predictions.

Is Polymarket publicly traded?#

No. Polymarket is run by Blockratize, Inc., a private Delaware company in New York, so it has no stock symbol and no shares on any exchange. Blockratize's SEC filings are all Form D notices of private share sales. The latest, filed on 1 August 2025, reports $135.4 million sold from 18 July 2025. There is no Form D on file for ICE's investment or any later round, and no IPO registration, as of 11 November 2026.

Shayne Coplan, its founder and chief executive, started Polymarket in 2020. It runs an international app and a US exchange, built on QCX, a CFTC-licensed exchange it bought for $112 million in July 2025. How both work is covered in what Polymarket is.

What is Polymarket's valuation?#

The last valuation stated by Polymarket or an investor in an official release is ICE's from October 2025: up to $2 billion at about $8 billion before the investment. Everything since comes from filings, private market data or press reports.

On 31 August the round was a plan described by its lead investor, not a completed deal. Forge's data lists a Series F of the same size and valuation two months later, which fits the same round, though neither source links the two. Both come from outside the company. We found no Polymarket announcement and no filing for either.

What ICE's filings say about Polymarket#

ICE, the owner of the New York Stock Exchange, is a listed company, so it reports its Polymarket stake in its SEC filings. Its quarterly report for the period to 30 September 2026 gives the most detailed public record of what a Polymarket share costs:

• On 7 October 2025 ICE agreed to buy 9.6 million Series D preferred shares for $1.0 billion. That is about $104 a share.
• On 26 March 2026 it paid $600 million for about 4.2 million Series E preferred shares, and booked a $389 million gain by revaluing its Series D at the Series E price. Both figures point to a Series E price of about $143 to $145 a share.
• In April 2026 it bought about 0.4 million common shares for $40 million in a tender offer, about $100 a share.
• On 30 September 2026 its preferred shares were carried at about $2.0 billion and made up about 22% of Polymarket's outstanding shares and 14% on a fully diluted basis.
• The preferred shares convert into common stock at ICE's choice, and must convert in a qualified IPO or direct listing. They carry a 6% non-cumulative dividend paid only if declared, and the right to elect one board member.

As an illustration only: ICE's 13.8 million preferred shares were about 14% of Polymarket's fully diluted shares on 30 September 2026, which puts the total near 99 million on that date. Multiplied by the Series E price of about $145, that is roughly $14 billion. This uses September's share count, not the count at the March round, and it prices every share like a Series E preferred share. Preferred and common shares are not worth the same: ICE's preferred shares rank above common stock if Polymarket is liquidated, and they carry the conversion, dividend and board rights above. Clarity and Forge both list the Series E itself at $15 billion after the money.

ICE stock is a weak stand-in for Polymarket. ICE had 558,858,412 shares outstanding on 26 October 2026. At $176.36, the price in the DICE ETF's 9 November holdings file, that is about $98.6 billion of stock. Its $2.0 billion Polymarket stake was about 2% of that.

What is one Polymarket share worth?#

The sources we checked put it between about $119 and $185. None is a quote you can trade on, and each platform builds its figure its own way.

Clarity calls its price a "model-derived indicative price estimate", a daily blend of confirmed transactions and the bid and ask midpoint. Forge's price matches its own Series F issue price. Nasdaq Private Market's and Clarity's figures sit below even the Series E price. At the roughly 113 million shares that Forge's Series F figures imply ($21 billion divided by $185.33), they would value Polymarket at about $15.1 billion and $13.5 billion. That is our arithmetic, and it treats every share as worth the same.

Is there a Polymarket token (POLY)?#

Polymarket has not launched a POLY token. Its help center, in an article dated 24 June 2026, says it "has not announced plans for any airdrop or token generation event" and warns of scams claiming airdrops. The same page calls pUSD "Polymarket's official collateral token", backed by USDC on Polygon. pUSD is what you trade with, not a share in the company or a POLY token.

The plans that are on record:

• In October 2025, chief marketing officer Matthew Modabber said on the Degenz Live podcast that a POLY token and airdrop would follow the US app, per Blockworks' report.
• ICE's October 2025 release said ICE and Polymarket "agreed to partner on future tokenization initiatives".
• Blockratize filed US trademark applications for POLY and $POLY on 5 February 2026, as marks it intends to use. Both were approved by the examining attorney for publication on 3 November 2026, the step before they are published for opposition. A trademark protects a name. It says nothing about supply, timing or who would get tokens.
• At TOKEN2049 on 7 October 2026, Coplan said Polymarket is exploring an "onchain asset with real programmable utility", with no name, date or design, per Crypto Briefing.

A token, if one comes, would not need to be a share. HYPE, Hyperliquid's token, is used for gas, staking and fee discounts and carries no claim on any company, as the HYPE token and staking guide explains. How Hyperliquid ran its own airdrop is in the Hyperliquid airdrop guide.

Tokens called POLYMARKET do trade on Solana. They are PreStocks pre-IPO tokens that track Polymarket's private share price. PreStocks' FAQ says they give no ownership, voting or dividend rights, are not issued or endorsed by the companies they track, and are not available to US persons. They are not POLY.

Is Polymarket going to IPO?#

No IPO has been announced or filed. Crypto Briefing, citing Bloomberg, reported on 13 October 2026 that Polymarket is weighing an equity route, possibly an IPO, against a token, with no decision. ICE's filing shows what a listing would trigger on its side: a qualified IPO or direct listing converts ICE's preferred shares into common stock.

The first public sign of a listing would be a registration statement on Blockratize's SEC page.

How can you invest in Polymarket?#

Not through a stock exchange. The indirect routes:

• ICE shares. ICE reports a stake of about 22%, worth about 2% of ICE's own market value.
• The DICE ETF. The Tema Trading & Prediction Markets ETF (DICE), listed on Cboe since 9 September 2026 with a 0.75% yearly fee, listed Polymarket SPV exposure at 4.38% of the fund in its daily holdings file for 9 November 2026, a position valued at $150,020 in a fund of about $3.4 million. That is exposure through a vehicle, not Polymarket shares held directly. ICE is another 6.46% of the fund. Tema marks the private position at its purchase price.
• Private secondary markets. Platforms such as Clarity and Nasdaq Private Market match accredited investors with existing shareholders, subject to the company's transfer approvals. Some deals run through special purpose vehicles, such as the HII Polymarket series of LLCs that file with the SEC.
• Pre-IPO tokens. PreStocks' POLYMARKET token, not for US persons, with the limits above.

None of the ten builder perp deployers on Hyperliquid listed a Polymarket market on 11 November 2026, per Hyperliquid's info API. For the pre-IPO perps that do trade there, see whether there is a Hyperliquid stock.

Who owns Polymarket?#

Polymarket has not published its cap table, so the only holder whose share is public is ICE, with about 22% of outstanding shares. 1789 Capital, Donald Trump Jr.'s venture firm, had invested about $200 million before leading the August round, its spokesperson said. Clarity lists D.E. Shaw, Dragonfly, G Squared, SV Angel and Valor Equity Partners among the Series E investors.

Owning Polymarket versus trading on it#

A Polymarket share is a claim on the company. A Polymarket position is a claim on one outcome, paying $1 a share if it is right. How Polymarket charges traders is in the Polymarket fees guide. Whether traders profit is a separate question, covered in can you make money on prediction markets.

Totalis, which publishes this page, is a prediction market app on Hyperliquid, not available to US persons, with sign-up by invite code. On 11 November 2026 its markets list had nothing from Polymarket and no market on a Polymarket listing. Its docs explain how a Combo of outcomes is quoted and settled and what Combos cost. Its markets trade in the Totalis app. For other venues, see Polymarket alternatives and the list of prediction markets. Its larger rival has its own page: is there a Kalshi stock.

Frequently asked questions#

What is Polymarket's stock symbol?#

It has none. Labels such as POLA.PVT on Yahoo Finance are the site's names for private-company pages, not tickers a broker can trade.

Is Polymarket now legal in the US?#

Polymarket's US exchange runs under a CFTC designation, which the CFTC amended in November 2025 so that US customers can trade through brokers. The international app is a separate platform. State-level questions and the full picture are in is Polymarket legal.

Is Polymarket a good investment?#

This page gives no investment advice. ICE shares, the DICE ETF, private shares and pre-IPO tokens carry different risks, from a stake too small to matter to shares you may not be able to sell. Read each offering's documents before buying.