Polymarket’s cap table is already wired for a listing: [ICE’s 2025 10-K](https://www.sec.gov/Archives/edgar/data/1571949/000157194926000004/ice-20251231.htm) says its Series D converts automatically in a qualified IPO or direct listing, and ICE has now put in $1.6 billion. This is S-1 plumbing, with Jenson bringing Amazon and Nielsen CFO experience plus current board seats at Dropbox and Ripple.

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