Polymarket is reportedly seeking to raise about $1 billion at a valuation of more than $20 billion, potentially marking another sharp increase in the prediction market platform’s value just months after its previous funding round.
Bloomberg first reported Tuesday that Polymarket is in early talks with prospective investors about the new raise. CNBC subsequently confirmed that the company is discussing a funding round at a valuation above $20 billion, citing a person familiar with the matter. Polymarket declined to comment to both outlets.
The potential valuation comes four months after Polymarket was reported to be raising capital at a $15 billion valuation. CNBC now reports that the April round closed at that level, while Bloomberg said it ultimately totaled about $1 billion and included new investments from hedge fund D.E. Shaw & Co. and venture capital firm G Squared.
Polymarket’s valuation has climbed rapidly from the $9 billion level established in October 2025. A new round above $20 billion would put Polymarket closer to the $22 billion valuation rival Kalshi announced in May, although Kalshi was subsequently reported to have discussed raising additional capital at a valuation of roughly $40 billion.
D.E. Shaw joins Polymarket’s $1B April round
Bloomberg reported that Polymarket’s April funding round ultimately totaled about $1 billion, with D.E. Shaw and G Squared joining the company as new investors.
Existing backers SV Angel, Dragonfly and Valor Equity Partners also participated in the round, according to the report. The total included $600 million from Intercontinental Exchange, the New York Stock Exchange parent company that has become one of Polymarket’s most prominent institutional backers.
D.E. Shaw adds another major Wall Street name to Polymarket’s investor base. Founded in 1988, the New York-based investment firm was an early pioneer in quantitative and systematic investing and had more than $100 billion in investment and committed capital as of June 1.
The firm’s investment comes as Polymarket increasingly builds ties with traditional financial institutions while expanding its regulated U.S. exchange.
Revenue, U.S. trading volume climb
Polymarket’s reported push for a higher valuation comes alongside rapid growth in its U.S. business. The company told CNBC in late June that its annualized revenue had climbed to well above $1 billion following the full public launch of its regulated U.S. exchange in May.
Bloomberg reported Tuesday that annualized revenue has since risen to more than $1.2 billion. The outlet said activity on Polymarket and across prediction market platforms increased during the FIFA World Cup in June and July.
Polymarket’s U.S. exchange is now recording more than $100 million in daily notional trading volume, up from roughly $75 million at the end of May, according to Dune Analytics data cited by CNBC.
Kalshi remains the higher valuation benchmark
Polymarket’s latest reported target would bring it close to Kalshi’s most recent confirmed valuation. Kalshi announced a $1 billion Series F round in May at a $22 billion valuation, led by Coatue with participation from Sequoia Capital, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley and ARK Invest.
The round capped a rapid climb for Kalshi, which was valued at $2 billion in June 2025, $5 billion in October and $11 billion in December before reaching $22 billion.
That figure may not represent the upper end of investors’ recent expectations. Financial Times reported in June that Kalshi had discussed raising additional funding at a roughly $40 billion valuation.
If Polymarket completes a new round above $20 billion, both companies will have more than doubled their private-market valuations since last fall, reflecting the surge in investor interest accompanying the rapid growth of prediction market trading.
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