Polymarket confirmed layoffs of full‑time staff and a major reduction of contractors as it reorganizes for a possible public listing.
Polymarket, the New York‑based prediction‑market platform, confirmed that it has reduced its workforce, cutting some full‑time staff and terminating a large portion of its contractor base. The moves come as the company prepares for a possible initial public offering that could occur in 2027, according to multiple sources.
According to Front Office Sports and Cryptopolitan, the layoffs primarily affected the marketing function. An internal email shared on X on November 4 indicated that contractor agreements would end on that date, and the email was confirmed as authentic by Polymarket. While the company declined to disclose exact headcount numbers, a source told Reuters that more than half of those let go were contractors. Claims circulating on social media that Polymarket cut 30% of its workforce have been disputed by insiders.
The restructuring follows the October dismissal of Chief Marketing Officer Matthew Modabber, who was replaced by former Uber executive Travis VanderZanden as chief growth officer. In addition, Polymarket has added senior talent, including former Amazon CFO Warren Jenson as chief financial officer and former Goldman Sachs executive Lisa Mantil to lead institutional growth. A former Meta executive, Malea Otranto, was also hired to oversee trust and safety.
Polymarket told CNBC on November 10 that its annualized revenue has surpassed $1.8 billion, driven largely by its regulated U.S. platform that relaunched in December 2025. The firm is nearing the close of a $1 billion funding round led by Donald Trump Jr.’s 1789 Capital, which would value the company at about $21 billion. At the same time, the Commodity Futures Trading Commission has revived an inquiry into whether Polymarket kept U.S. users off its offshore platform, a matter first raised in 2022.
Observers will monitor the progress of the $1 billion funding round and any further details on the size of the workforce reduction. The outcome of the CFTC investigation and Polymarket’s ability to meet U.S. regulatory requirements will also be critical as the company positions itself for a potential stock market listing.
The email sent to contractors stated that their agreements would terminate on November 4.
Sources say the company is preparing for a possible public offering as early as 2027.
The CFTC has reopened an inquiry into whether Polymarket allowed U.S. users to access its offshore platform, violating a 2022 agreement.
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