Polymarket is reportedly exploring a new fundraising round that could raise around $1 billion and value the prediction market platform at more than $20 billion, according to a Bloomberg report citing people familiar with the discussions.
The talks are still in the early stages, and no agreement has been finalized. Polymarket has not confirmed the report, and a company spokesperson declined to comment.
If completed, the deal would mark another major jump in the company’s valuation and further strengthen its position in the rapidly growing prediction market industry.
The reported valuation would place Polymarket close to its biggest competitor, Kalshi, which secured a valuation of about $22 billion during a funding round announced in May.
According to reports, Polymarket completed a financing round in April that valued the company at roughly $15 billion. That round reportedly included investment firms such as D. E. Shaw Group and G Squared.
Earlier this year, Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, confirmed a $600 million investment in Polymarket after previously investing $1 billion in the company in 2025.
A valuation above $20 billion would represent a significant increase from the company’s reported April valuation and highlight growing investor interest in prediction markets.
Part of Polymarket’s growth story comes from its expansion into the United States. The company now operates Polymarket US through QCX, a federally regulated market approved by the U.S. Commodity Futures Trading Commission (CFTC).
The company has also reportedly seen strong business growth. Bloomberg sources said Polymarket’s annualized revenue has more than tripled since April and now exceeds $1.2 billion. Because Polymarket is a private company, those figures have not been independently verified.
Trading activity across prediction markets has also surged. In July, Polymarket, Polymarket US, and Kalshi reportedly generated a combined record trading volume of $50.6 billion.
Kalshi remained the market leader with approximately $37.7 billion in volume. Polymarket US recorded about $5 billion, while Polymarket’s international platform generated roughly $7.9 billion.
Despite Kalshi handling larger trading volumes, investors may view Polymarket’s international reach, crypto-based infrastructure, brand recognition, and relationship with ICE as valuable advantages.
However, regulatory issues remain an important factor.
Several U.S. states continue to challenge whether sports-related prediction contracts should be treated as federally regulated financial products or as gambling under state law. Ongoing legal disputes involving prediction market platforms could affect future growth, operating costs, and investor sentiment.
For now, the reported fundraising remains under discussion, and there is no guarantee that the final amount raised or valuation will match the figures currently being reported. If successful, however, the deal would rank among the largest private financings in the prediction market industry and further cement Polymarket’s role as one of the sector’s leading players.
