Prediction market platform Polymarket is raising $1 billion at a $21 billion valuation. Venture fund 1789 Capital is leading the round with approximately $300 million. Donald Trump Jr., the US President's eldest son, serves as a partner at the fund.
This is 1789 Capital's second investment in Polymarket. Last year the fund put in $200 million, and Trump Jr. joined the platform's advisory board, calling it 'the world's largest prediction market'. He said the service helps people cut through 'media manipulation and so-called expert opinions' by letting them bet on what will actually happen.
Polymarket's valuation climbed after a March investment of $600 million from Intercontinental Exchange, the parent company of the New York Stock Exchange. ICE's total stake in the platform reached $1.6 billion.
Competitor platform Kalshi raised $1 billion in April at a $22 billion valuation, with Sequoia Capital, Andreessen Horowitz and Morgan Stanley participating. Trump Jr. worked as a strategic adviser to Kalshi before moving to Polymarket: in January 2025 he received a stake in the company worth $300,000. That stake has grown in value with subsequent rounds.
According to The Information, Kalshi has exceeded $4 billion in annual revenue and is in talks for a new round at a $40 billion valuation — nearly double Polymarket's. A year ago the ratio was reversed: in October Polymarket was valued at $9 billion against Kalshi's $5 billion.
