Prediction market platform Polymarket is in talks to raise fresh funding at a valuation exceeding $20 billion, CNBC reported citing a person familiar with the matter.
The discussions began after the company disclosed in late June that annualised revenue had surpassed $1 billion following the May launch of its regulated US exchange. The source, who requested anonymity, confirmed that Polymarket closed a round at a $15 billion valuation in April. According to The Information and Bloomberg, Intercontinental Exchange — owner of the New York Stock Exchange — invested an additional $600 million directly in that round.
If the deal closes, it will be the first raise since the official US exchange launch, which opened with a waiting list in December. Trading volumes are climbing: Dune Analytics shows the US exchange generating over $100 million in notional daily volume, up from around $75 million in late May. The international platform posts more than $150 million a day.
The prediction market sector remains hot for investors. Competitor Kalshi closed a round at a $22 billion valuation in May. The Financial Times later reported that Kalshi plans to raise funds at a $40 billion valuation in the third quarter.
Polymarket positions itself as a platform for betting on events ranging from elections to crypto prices. The company runs on the Polygon blockchain and lets users trade the outcomes of real-world events. The regulated US launch opened access to a broader audience and deeper liquidity, reflected in the financial results.
