Polymarket has confirmed a company-wide reduction in force affecting both full-time employees and external contractors, following internal emails that leaked on social media platform X and were verified on Wednesday, November 11. The New York-based prediction market operator did not disclose the exact number of affected workers, but a source familiar with the process told Reuters that more than half of the cuts involved contractors.
The restructuring comes after rapid expansion and a series of high-profile leadership appointments. In September 2026, Polymarket appointed former Amazon finance executive Warren Jenson as its first chief financial officer. The company also added executives from Goldman Sachs, DoorDash and Robinhood as founder Shayne Coplan faced investor pressure to impose greater operational discipline.
Financial and competitive context. Despite the layoffs, Polymarket reported that annualized recurring revenue surpassed $1.8 billion in November 2026, up from more than $1 billion in June 2026. Management attributed the growth partly to its regulated U.S. platform, which was relaunched in December 2025 after a nearly four-year ban following a settlement with the CFTC.
However, the company has faced commercial setbacks, including losing volume leadership to regulated rival Kalshi and the end of its Yahoo Finance data integration in September 2026. Reports indicate the job cuts were concentrated in marketing as the company seeks to professionalize its sports betting and prediction operations.
Funding and IPO prospects. Polymarket is reportedly in the final stages of closing a $1 billion funding round led by 1789 Capital, which would value the company near $21 billion, and management is said to be evaluating a potential initial public offering in 2027.
