Polymarket in Early Talks to Raise $1B at a $20B-Plus Valuation — Just Four Months After Its Last Round
Polymarket is reportedly back at the fundraising table, and the numbers being floated are striking. The prediction-market platform is in early discussions to raise roughly $1 billion at a valuation north of $20 billion — a jump that would more than double where the company stood as recently as October 2025, when it was valued at $9 billion.
A Fast-Moving Valuation Trajectory
If this comes together, it would mark Polymarket’s third major valuation leap in under a year. The company closed its previous round in April at a $15 billion valuation, a raise that ultimately totaled around $1 billion and brought in hedge fund D.E. Shaw and venture firm G Squared as new backers, alongside existing investors SV Angel, Dragonfly, and Valor Equity Partners. That round also folded in a $600 million direct investment from Intercontinental Exchange, the parent company of the New York Stock Exchange — a relationship that’s become one of Polymarket’s more notable institutional endorsements.
What’s Actually Driving the Numbers
The timing isn’t random. Since the April round closed, Polymarket fully opened its US exchange to the public in May, after operating on a waitlist since December. That launch appears to have moved the needle in a real way: annualized revenue has climbed past $1.2 billion, daily trading volume on the US exchange has grown from around $75 million at the end of May to more than $100 million now, and the international platform is handling upward of $150 million a day. Nothing about the new round has been confirmed publicly yet, and terms could still shift — Polymarket has declined to comment to multiple outlets covering the talks.
A Tight Race With Kalshi
Polymarket isn’t operating in this space alone. Its main US rival, Kalshi, closed its own round in May at a $22 billion valuation and, according to the Financial Times, has been in talks since June to raise again at a target valuation of roughly $40 billion. If Polymarket’s talks land where they’re currently pointed, it would put the two companies much closer together in size — though Kalshi has reportedly been pulling ahead on trading volume this year.
Regulatory Questions Still Hanging Over the Space
It’s not all smooth sailing. Polymarket is currently facing a review from the US Commodity Futures Trading Commission tied to its social media promotional activity, following reports of potentially misleading marketing. The company says it has launched its own internal audit of promotional content to check it against regulatory standards. That kind of scrutiny isn’t new territory for the prediction-market sector broadly — both Polymarket and Kalshi have spent the past year navigating the same underlying question: whether event-based betting contracts count as legitimate financial derivatives or fall closer to gambling under US law, a distinction regulators are still actively working through even as investor money keeps flowing in.