Prediction markets platform Polymarket is exploring a new funding round that could raise about $1 billion and push its valuation above $20 billion, according to people familiar with the matter cited by Bloomberg News.
The company is in early discussions with potential investors as it seeks fresh capital to support its expansion following a surge in interest in prediction markets, which allow users to trade on the likelihood of future events.
Prediction markets have gained significant attention from investors, offering users the opportunity to place wagers on outcomes across areas such as politics, finance, sports, and global events.
The latest fundraising effort comes months after Polymarket secured investment at a $15 billion valuation in April. Its rival, Kalshi, also raised $1 billion earlier this year at a reported valuation of $22 billion, highlighting growing investor confidence in the sector.
Polymarket has attracted backing from major financial players, including Intercontinental Exchange, the parent company of the New York Stock Exchange, which invested $600 million in the company as part of its previous funding round.
The platform’s financial performance has also strengthened alongside its rapid growth, with Reuters reporting in June that Polymarket’s annualised revenue had exceeded $1 billion, citing a source familiar with the company’s performance.
The latest funding discussions remain ongoing, and the final valuation and size of the investment round could change as talks continue.
Goodness Anunobi
