JPMorgan Chase is still willing to underwrite a Polymarket initial public offering, even after it ended the prediction market's banking relationship last October over regulatory concerns, the Financial Times reported. Polymarket has not announced an IPO or filed to go public.
The platform is seeking more than $1 billion at a valuation of about $20 billion, twice the $8 billion it drew in a 2025 round. Polymarket claims annual revenue above $1 billion. Its accounts moved to another lender once JPMorgan walked away, but the bank kept the relationship alive: chief executive Shayne Coplan was invited to speak at a conference for wealthy clients in Miami alongside former NFL player Tom Brady. JPMorgan wants to stay in the running for the underwriting mandate if Polymarket does list. 'They don't want to burn all bridges,' a source told the FT.
Regulatory pressure builds
After CFTC sanctions in 2022, Polymarket was shut to US users. It returned at the end of 2025, once rules eased under the Trump administration. The CFTC investigation continues. More than a dozen states have sued Polymarket and rival Kalshi, accusing the platforms of illegal bookmaking, and the New York City Council is looking into possible deceptive advertising involving Polymarket, Coinbase, Kalshi and Gemini.
Event betting volumes
Dune data puts the sector's nominal trading volume in 2026 at more than $250 billion. JPMorgan chief Jamie Dimon said the bank could enter the segment outside sports and politics, though he called it 'gambling'. Dimon has also described bitcoin as 'a fraud' and a 'pet rock'.
