The prediction market platform Polymarket is currently negotiating to secure new funding, aiming for a valuation that exceeds $20 billion, as reported by CNBC, referencing an insider with knowledge of the situation.
This fundraising initiative follows the company’s announcement in late June, revealing that its annual revenue had exceeded $1 billion after the launch of its regulated US exchange in May.
The anonymous source also indicated that Polymarket had successfully completed a funding round in April, achieving a valuation of $15 billion.
Previous reports from The Information and Bloomberg noted that this round included a significant $600 million cash investment from Intercontinental Exchange, the parent company of the New York Stock Exchange. If the current funding discussions are finalized, this would mark the first fundraising effort for Polymarket since the official launch of its US exchange, which initially opened to a waitlist in December.
Polymarket has been actively increasing its trading volume. Data from Dune Analytics reveals that the US exchange is now generating over $100 million in daily trading volume, a rise from approximately $75 million at the end of May. Meanwhile, its international platform is reporting daily trading volumes exceeding $150 million.
This fundraising effort comes at a time when private prediction market platforms are gaining traction among investors. In May, competitor Kalshi completed a funding round that valued the company at $22 billion, with reports from the Financial Times indicating that Kalshi is aiming for a $40 billion valuation in a planned fundraising round later this year.