Polymarket Reportedly Eyeing Over $20 Billion Valuation in New Fundraising Talks

Polymarket is reportedly in talks to raise fresh capital at a valuation north of $20 billion, according to Bloomberg, with a person familiar with the discussions confirming the talks and figure to CNBC. The prediction markets platform is said to be seeking roughly $1 billion in new funding, a deal that would more than double the $9 billion valuation it carried as recently as October 2025.

A Polymarket spokesperson declined to comment on the ongoing negotiations. If the round closes, it would mark the company’s second major valuation markup in just four months and would be its first fundraise since officially launching its regulated U.S. exchange.

A Rapid Climb in Valuation

Polymarket closed its most recent funding round in April at a $15 billion valuation, a raise that brought in hedge fund D.E. Shaw & Co. and venture capital firm G Squared as new investors alongside existing backers. That round also included a $600 million direct cash investment from Intercontinental Exchange, the parent company of the New York Stock Exchange, according to earlier reporting from Bloomberg and The Information.

The push for a $20 billion-plus valuation now underway would represent another dramatic jump in a short window, underscoring how quickly investor appetite for prediction markets has grown since Polymarket’s regulated U.S. exchange went live in May following a waitlist launch in December.

Revenue and Trading Volume Surge

The fundraising talks follow Polymarket’s disclosure in late June that its annualized revenue had climbed well above $1 billion. Trading activity has scaled alongside that revenue growth. Data from Dune Analytics cited in reporting on the talks showed Polymarket’s U.S. exchange generating more than $100 million in daily notional trading volume, up from roughly $75 million at the end of May, while its international platform is now recording more than $150 million in daily notional volume.

The renewed fundraising interest also arrives against the backdrop of an increasingly competitive prediction markets landscape. Rival platform Kalshi completed a funding round in May that valued the company at $22 billion, and the Financial Times has since reported that Kalshi is seeking a $40 billion valuation in a planned third-quarter raise. That competitive pressure gives added context to Polymarket’s own push to lock in a higher valuation while investor enthusiasm for the category remains high.

Regulation Has Fueled the Growth Story

Much of Polymarket’s momentum traces back to its shift from an offshore, crypto-native platform into a regulated player in the U.S. market. The company spent years operating outside U.S. borders before its move to launch a domestic, CFTC-regulated exchange, a process that culminated in the December waitlist and the full May launch. That regulatory pivot has been central to the pitch investors are reportedly buying into: a platform that can legally serve U.S. traders at scale while still running its established international business, which by itself is generating well over $150 million in daily notional volume.

The result has been a business that investors are now willing to price similarly to major fintech and exchange operators rather than as a niche crypto-adjacent betting product. Doubling a valuation in roughly four months is a rare feat even in fast-moving markets, and it reflects how much conviction backers have in prediction markets becoming a mainstream category rather than a passing trend.

What Comes Next

Neither the size of the round nor the identities of the investors involved in Polymarket’s latest talks have been finalized publicly, and the discussions remain ongoing. Given the pace at which prediction markets have expanded over the past year — and the scale of capital both Polymarket and Kalshi have attracted — a completed raise at or above $20 billion would cement prediction markets as one of the fastest-growing corners of the broader betting and trading industry. Readers who want to understand how these platforms work and how they differ from traditional sports betting can find a closer look at the mechanics behind the category.

For now, all eyes are on whether Polymarket can close a deal that would double its valuation for the second time in under a year, and how that outcome might shape the next round of fundraising for Kalshi and other competitors chasing the same investor dollars.