Polymarket in early talks to raise $1 billion at valuation topping $20 billion
VC & Fundraising ·
The prediction market operator is discussing fresh funding that would push its valuation past $20 billion, according to people familiar with the matter cited in a Bloomberg-sourced report.
Talks remain preliminary, but the numbers under discussion would mark a sharp jump from where Polymarket stood just months earlier. A round at that level would more than double the $9 billion valuation the company carried as of October 2025, and it follows an already large capital infusion earlier this year: roughly $1 billion raised in April at a $15 billion valuation, a round that brought in backers such as D.E. Shaw and G Squared.
Since that April raise, Polymarket has expanded into the U.S. market with a dedicated platform launch, and its business has scaled alongside that move — annualized revenue is now reported above $1.2 billion. The proposed $1 billion raise at a $20 billion-plus valuation would build directly on that growth trajectory, though no terms have been finalized and the talks could still change or fall through.
The prediction-market sector's competitive backdrop adds context to the figures. Rival platform Kalshi was valued at $22 billion after closing a funding round in May, putting it ahead of Polymarket's prior $15 billion mark even before this new round is completed. Yet on trading activity, Kalshi has reportedly outpaced Polymarket by a wide margin — its July volume came in at about 3X what Polymarket recorded over the same period, suggesting valuation and trading volume are not moving in lockstep between the two firms.
A separate post citing the Bloomberg reporting reiterated the same $20 billion-plus figure, adding to the corroboration around the reported talks; multiple outlets have now circulated the same core numbers. Polymarket has not confirmed the discussions — a company spokesperson declined to comment when asked about the report.
What remains unclear is how far along the talks actually are, which investors might participate this time, and whether the final valuation and raise size will match the figures currently circulating. Also unresolved is how the disparity between Polymarket's valuation gains and Kalshi's trading-volume lead will factor into investor calculus as the round, if it materializes, moves toward completion.