Novig Reportedly Reaches $2B Valuation Seven Months After Series B

The Wall Street Journal reported on September 30 that the sports prediction-market company had raised new capital at a $2 billion valuation. Most of the new money reportedly came from existing investors, including Pantera Capital, Multicoin Capital and NFX.

That is a sharp reset from February.

$500M Became $2B in Just Over Seven Months

Novig closed a $75 million Series B on February 18. The deal valued the company at $500 million after the round and took its total disclosed funding above $105 million. 15M covered that financing at the time.

The latest reported valuation is therefore $1.5 billion higher. Put another way, Novig has been re-priced by 300% in a little over seven months, taking the valuation to 4× its February level.

There is one number still missing: the amount of fresh capital in the new round has not been disclosed.

The Round Itself Needs an Asterisk

There is also a difference between the reports published on September 30. While the WSJ described Novig as having raised new funding, Front Office Sports reported that the company was still in talks with investors. Its sources said a closing was expected this winter, potentially before the end of 2026.

For that reason, the $2 billion figure is better treated as the reported valuation attached to the current financing, rather than calling the round definitively closed. The cheque size is still unknown too.

Novig Has Changed Since Its Previous Raise

The February round came while Novig was still seeking federal exchange status. That changed on June 16, when the CFTC designated Ludlow Exchange LLC, the entity behind Novig, as a Designated Contract Market.

Novig subsequently moved into its federally regulated sports prediction-market model. Its own current newsroom figures put the platform at more than 250,000 users and $6.5 billion in trading volume.

There is a rough scale comparison here. Divide the reported $2 billion valuation by 250,000 users and the result is about $8,000 per disclosed user. That is not a revenue multiple or a conventional valuation metric. It simply shows how aggressively the business is now being priced against the size Novig itself reports.

The next useful disclosure is the actual amount of capital going into the round and confirmation that the $2 billion financing has formally closed.