Polymarket is in early discussions with potential investors to raise about $1 billion at a valuation topping $20 billion, according to CNBC and Bloomberg. The reported target would mark another sharp jump for the prediction-market platform, whose valuation was $9 billion last year when Intercontinental Exchange, the parent company of the New York Stock Exchange, invested $1 billion. A round in April this year lifted the figure to $15 billion, and Polymarket told CNBC in late June that its annualized revenue was already “well above $1 billion.” The fundraising push comes as competition in the prediction-market sector intensifies. The Wall Street Journal reported that rival Kalshi is also in talks to raise capital at a $20 billion valuation. ABMedia said earlier that the combined trading volume of Kalshi and Polymarket hit a record in July, surpassing $50 billion.
Polymarket is in early talks with potential investors to raise about $1 billion at a valuation above $20 billion, according to CNBC and Bloomberg.
Valuation has climbed rapidly over the past year
The reported fundraising target would extend a steep run-up in Polymarket’s valuation. Last year, the company was valued at $9 billion, when Intercontinental Exchange (ICE), parent of the New York Stock Exchange, invested $1 billion. In April this year, another round pushed the valuation to $15 billion. The latest talks now point to a figure above $20 billion.
In late June, Polymarket told CNBC that its annualized revenue was already “well above $1 billion.”
Kalshi is also pursuing a high-valuation raise
Polymarket is not alone. The Wall Street Journal reported that rival Kalshi is also in talks to raise funding at a $20 billion valuation.
The backdrop is rising activity across prediction markets. ABMedia previously reported that the combined trading volume of Kalshi and Polymarket reached a record in July, topping $50 billion.
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