Polymarket is reportedly seeking to raise about $1 billion in a new financing round that could value the prediction market operator at more than $20 billion.
The discussions remain at an early stage, and the final size and terms of the investment may change. Polymarket has not publicly confirmed the fundraising talks or commented on the reported valuation target.
A successful transaction would mark another major increase in the company’s value following a rapid series of investments. Polymarket reportedly raised approximately $1 billion at a $15 billion valuation in April 2026, meaning the latest proposal could increase its valuation by at least one-third within only a few months.
Intercontinental Exchange, the owner of the New York Stock Exchange, supplied $600 million during the April financing. ICE said the investment followed an initial $1 billion commitment made in October 2025 and formed part of a wider strategic relationship with Polymarket.
The latest funding talks underline growing investor confidence in prediction markets, which allow users to trade contracts linked to the outcomes of future events. Prices move according to supply and demand and are commonly interpreted as the market’s estimated probability of a particular outcome. Polymarket offers markets covering politics, sport, economics, technology, entertainment and other current events.
Polymarket’s reported annualised revenue has climbed above $1 billion, providing a stronger financial basis for the higher valuation being discussed. The company has also expanded its sports products and increased efforts to attract professional and institutional traders.
However, the operator is competing in an increasingly well-funded sector. Rival platform Kalshi announced in May that it had raised $1 billion at a $22 billion valuation. That round included backing from Coatue, Sequoia Capital, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley and ARK Invest.
Polymarket’s proposed valuation would therefore place it close to Kalshi, as both businesses compete for users, liquidity, partnerships and institutional investment. The two companies have benefited from growing interest in event contracts, particularly around elections and major sporting competitions.
Regulation remains one of the most important risks facing the sector. The US Commodity Futures Trading Commission issued an advisory on prediction markets in March and opened a public consultation on whether new or amended rules are required for event contracts. The regulator has also maintained that federally regulated prediction markets fall under its jurisdiction, although individual US states have continued to challenge some sports-related products under local gambling laws.
Polymarket has also encountered restrictions in some international jurisdictions where authorities classify its products as unlicensed gambling. Such measures could limit local access, but they have not prevented investors from assigning increasingly large valuations to the company.
The reported $20 billion-plus target highlights how quickly prediction markets have moved from a specialist trading product into a major area of financial and gambling-industry investment. Should Polymarket complete the round near its proposed terms, the company would secure substantial capital for product development, regulatory expansion and competition with Kalshi while cementing its position among the most highly valued private companies in the wider betting and trading sector.