Polymarket Cleans House Ahead of Potential 2027 IPO as Revenue Soars

Polymarket is cutting jobs and shaking up its leadership ahead of a possible 2027 IPO, despite annualized revenue soaring past $1.8 billion.

The prediction market giant laid off some full-time employees last week and sharply reduced its use of contractors, Front Office Sports reported Wednesday.

Two sources linked the overhaul to efforts to prepare the company for a public listing.

“It’s not like a struggle for cash or something,” one source told the outlet.

A source familiar with the matter told Front Office Sports that viral claims Polymarket had cut 30% of its workforce were inaccurate. The company has not disclosed how many jobs were eliminated.

Even the Founder’s Friend Wasn’t Safe

Polymarket fired marketing chief Matthew Modabber, a longtime friend of CEO Shayne Coplan, in October after an internal investigation, the New York Post reported.

Modabber’s team allegedly created a fake trading website resembling Polymarket, allowing paid influencers to film trades that never happened and, in some cases, celebrate fictitious winnings.

Coplan initially resisted the dismissal, the Post reported, but the board reportedly viewed Modabber as an obstacle to IPO preparations.

Investors had already pressed for tighter financial controls after discovering Coplan used company money for private flights, rent and other expenses. Coplan reimbursed the company, which maintained the flights were business-related.

Founders Fund and New York Stock Exchange owner Intercontinental Exchange (NYSE:ICE) also reportedly required Polymarket to hire a senior finance executive.

Big-Company Veterans Move In

Polymarket filled the role in September, appointing former Amazon CFO Warren Jenson as its first chief financial officer.

Goldman Sachs veteran Lisa Mantil joined to lead institutional growth, while former Uber executive Travis VanderZanden replaced Modabber with the title of chief growth officer.

A $21 Billion Valuation on the Table

Polymarket told CNBC Tuesday that its annualized revenue exceeded $1.8 billion, up from more than $1 billion in June. The figure reflects its current revenue pace, not full-year sales.

The company is reportedly finalizing a $1 billion funding round led by Donald Trump Jr.’s 1789 Capital, valuing Polymarket at approximately $21 billion.

ICE has invested more than $1.6 billion in Polymarket. Its preferred shares represented roughly 14% ownership on a fully diluted basis and carried a value of approximately $2 billion as of Sept. 30, according to an SEC filing.

If Polymarket goes public, its stock price will reveal what ICE’s roughly $2 billion stake is worth on the open market.

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