Polymarket in talks for fundraising round at more than $20 billion valuation
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- Polymarket is negotiating a fundraising round that would value the company above $20 billion, with Bloomberg first reporting the talks on Tuesday and CNBC confirming them through a source familiar with the matter.
- Polymarket previously closed a funding round in April at a $15 billion valuation, which included a $600 million direct cash investment from Intercontinental Exchange, the owner of the New York Stock Exchange.
- Polymarket told CNBC in late June that its annualized revenue was well above $1 billion, following the May launch of its regulated U.S. exchange.
- Polymarket's U.S. exchange is now processing more than $100 million in notional volume per day, up from roughly $75 million at the end of May, while its international platform is recording daily notional volume above $150 million, per Dune Analytics data.
- Kalshi, Polymarket's chief rival, closed a funding round in May at a $22 billion valuation and was reported by the Financial Times in June to be in talks for a new round targeting a $40 billion valuation.
- Polymarket's U.S. exchange debuted with a waitlist in December before its official May launch, making this round the first fundraising since the U.S. platform went live.
Why it matters: Polymarket's jump from a $15 billion to a potential $20 billion+ valuation in just a few months — alongside rival Kalshi's push toward $40 billion — illustrates how rapidly capital is flowing into the prediction-market sector, with both platforms now generating nine-figure daily trading volumes less than a year after the U.S. exchange launched.
