Polymarket Seeks $1 Billion Funding at $20 Billion Valuation Amid Rapid Growth

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Polymarket is in talks to raise $1 billion at a valuation exceeding $20 billion currently.
The company’s valuation would more than double its $9 billion figure from October 2025.
Annualized revenue surpassed $1.2 billion after Polymarket’s U.S. exchange launch in May.
Rival Kalshi holds a $22 billion valuation and is reportedly targeting $40 billion next.

Polymarket is reportedly in early discussions with potential investors to raise close to $1 billion in fresh capital. The talks would value the prediction market platform at more than $20 billion.

Bloomberg first reported the development, citing people familiar with the matter. A person familiar with the situation also confirmed the talks to CNBC. Polymarket declined to comment on the matter.

Polymarket Valuation Climbs After Rapid Revenue Growth

Polymarket’s potential valuation would more than double the $9 billion figure it held in October 2025. The platform closed a funding round in April at a $15 billion valuation.

That round included investors such as D.E. Shaw and G Squared. It also featured a $600 million direct cash investment from Intercontinental Exchange, the parent company of the New York Stock Exchange, announced earlier in March.

Since the April round, Polymarket has expanded its business substantially. The company launched its regulated United States exchange in May 2026.

This followed a waitlist debut back in December. Annualized revenue has since grown to more than $1.2 billion, according to figures shared by the company.

Trading volume on the platform has also risen steadily in recent months. The U.S. exchange now handles more than $100 million in daily notional volume.

That figure stood at roughly $75 million at the end of May. Polymarket’s international platform performs even stronger, recording daily notional volume above $150 million.

Data supporting these volume figures comes from Dune Analytics, a blockchain data platform. If the new funding round closes, it would mark Polymarket’s first since the U.S. exchange officially launched. The company’s growth trajectory has attracted continued investor interest amid a booming sector.

Kalshi Rivalry Shapes Prediction Market Landscape

Kalshi, Polymarket’s chief competitor, closed its own funding round in May. That round valued Kalshi at $22 billion, surpassing Polymarket’s current valuation ambitions.

Despite this gap, Kalshi’s July trading volume reportedly reached about three times that of Polymarket during the same period.

Reports from the Financial Times in June indicated Kalshi was pursuing another funding round. The company reportedly aimed to raise capital in the third quarter of 2026. Kalshi was said to be targeting a valuation near $40 billion in that round.

Prediction markets have expanded significantly within private markets over recent months. Both platforms continue attracting substantial investor capital despite remaining privately held companies. This growth reflects rising public interest in prediction-based trading platforms overall.

Polymarket’s push toward regulated U.S. operations appears central to its expansion strategy. The company’s revenue growth since the U.S. launch has strengthened its position for new funding talks.

Whether the $20 billion valuation materializes depends on how these preliminary discussions progress in coming weeks.

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