Key Takeaways:
- Polymarket in talks to raise about $1 billion at a valuation above $20 billion
- Annualized revenue surpassed $1.2 billion after US exchange launch in May
- Rival Kalshi trades about three times Polymarket's volume as CFTC probes continue
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Polymarket seeks $20 billion valuation as prediction market volumes surge
Polymarket is in talks to raise about $1 billion at a valuation above $20 billion, more than double its October 2025 round, according to people familiar with the matter.
Bloomberg first reported the discussions on Tuesday. A person familiar with the situation confirmed to CNBC that the company previously closed a funding round in April that valued Polymarket at $15 billion. Polymarket declined to comment on the new talks.
The April round included a $600 million direct cash investment from Intercontinental Exchange, owner of the New York Stock Exchange, announced in March. Hedge fund D.E. Shaw and venture capital firm G Squared joined as new investors, while existing backers SV Angel, Dragonfly and Valor Equity Partners committed additional capital. Total funding in that round reached about $1 billion.
Since launching its regulated US exchange in May, Polymarket's annualized revenue has more than tripled to over $1.2 billion, the company told CNBC in late June. The US platform is doing north of $100 million in notional volume per day, up from around $75 million at the end of May, while the international platform records daily notional volume above $150 million, according to Dune Analytics data.
The new valuation would more than double the $9 billion Polymarket was assigned in an October 2025 financing round. Rival Kalshi, which closed a funding round in May at a $22 billion valuation, is handling about three times Polymarket's trading volume, according to Dune Analytics data compiled last month. Kalshi is also in talks to raise new funds in the third quarter and would seek a $40 billion valuation, the Financial Times reported in June.
Regulatory uncertainty persists. The Commodity Futures Trading Commission is investigating Polymarket's social-media activity over allegations that it encouraged misleading promotion. Polymarket has accelerated its US expansion by hiring executives from Uber and Lyft, along with an engineer who led development of trading systems for the New York Stock Exchange.
Prediction markets, which let users wager on yes-or-no outcomes across elections, sports matches and economic data releases, have exploded in popularity. Trading volume across the sector surged in June and July during the FIFA World Cup. If the new round closes, it would mark Polymarket's first fundraising since the US exchange's official launch, though the platform debuted with a waitlist in December.
This article is for informational purposes only and does not constitute investment advice.
[1] Polymarket in talks for fundraising round at more than $20 billion valuation[2] Polymarket Seeks More Than $20 Billion Valuation in Funding Round - Bloomberg[3] Polymarket seeks over $20 billion valuation in funding round, Bloomberg News reports | WSAU News/Talk 550 AM · 99.9 FM | Wausau, Stevens Point[4] Polymarket Seeks $1 Billion Fundraise at Valuation Above $20 Billion
