Polymarket Reportedly Seeks $1 Billion Funding at $20 Billion Valuation
by Maisie Morrison · BlockonomiTLDR
Table of Contents
- Polymarket is reportedly in early talks to raise $1 billion at a valuation above $20 billion.
- The company’s last confirmed round in April valued it near $15 billion, with backers including D.E. Shaw and G Squared.
- Rival Kalshi already holds a $22 billion valuation after its own $1 billion raise in May.
- Combined prediction market volume hit $50.6 billion in July, with Kalshi handling the bulk of it.
- State regulators, including Nevada, are still challenging whether these platforms need local gambling licenses.
Polymarket is reportedly discussing a new funding round that could raise roughly $1 billion. Bloomberg reported the talks on August 4, citing people familiar with the private negotiations.
The report says investors are considering a valuation above $20 billion. No deal has been announced yet.
A Polymarket spokesperson declined to comment on the report. That means the amount, the valuation, and the list of investors could still change before anything is finalized.
If the round closes near that number, it would mark a sharp jump from Polymarket’s earlier valuations. Bloomberg reported that an April raise brought in about $1 billion at a $15 billion valuation.
That April round reportedly included investors D.E. Shaw and G Squared. Intercontinental Exchange, the parent company of the New York Stock Exchange, also has a financial stake in Polymarket.
How Polymarket’s Valuation Has Grown
ICE first invested $1 billion in Polymarket back in October 2025. It added another $600 million in March as part of a separate equity raise.
ICE has not disclosed what valuation its March investment was based on. Bloomberg has separately estimated Polymarket’s October 2025 valuation at close to $9 billion, though ICE’s own announcement pointed to a lower figure near $8 billion.
These numbers may be calculated differently, so they are not necessarily in conflict. Still, they show how quickly private estimates of Polymarket’s worth have moved over the past year.
Revenue is also climbing. Bloomberg’s sources said Polymarket’s annualized revenue has more than tripled since April, passing $1.2 billion.
Reuters had already reported in June that annualized revenue topped $1 billion. An annualized number is based on recent activity stretched across a full year, so it is not the same as an audited yearly total.
Kalshi Sets a High Bar
Polymarket’s biggest competitor, Kalshi, is already ahead on valuation. Kalshi announced a $1 billion Series F round in May at a $22 billion valuation.
That round was led by Coatue, with backing from Sequoia Capital, Andreessen Horowitz, Paradigm, and other firms. Kalshi said its annualized trading volume jumped from $52 billion to $178 billion over six months.
Trading data backs up Kalshi’s lead. In July, prediction markets across Polymarket, Polymarket US, and Kalshi generated a combined $50.6 billion in volume.
Kalshi handled $37.7 billion of that total. Polymarket’s international platform brought in $7.9 billion, down 26% from the month before.
Polymarket US, which operates through a CFTC-registered exchange, grew its volume by 54% to $5 billion. That growth shows the U.S. business expanding faster than the international side.
Legal questions remain part of the picture. Nevada’s gaming regulator filed a complaint against Polymarket in January, arguing that some of its contracts count as gambling under state law.
Polymarket and Kalshi are also part of a wider legal fight over whether federal regulators have sole authority over these markets. North Carolina took a different approach, passing a law in July that taxes trading fees on federally registered prediction markets starting in 2027.
None of these disputes have stopped Polymarket from talking to investors. But they could still shape how the company grows in the U.S. and how investors view that growth going forward.
For now, the $1 billion raise and $20 billion valuation remain unconfirmed. Bloomberg’s report is based on people familiar with the discussions, not an official company statement.