Polymarket Reportedly in Talks for Fundraising Round That Could Value It at Over $20 Billion

Polymarket is reportedly in talks to raise fresh capital at a valuation north of $20 billion, according to a CNBC report citing a person familiar with the discussions. The prediction markets platform’s latest fundraising push comes just months after it disclosed that its annualized revenue had topped $1 billion following the May launch of its regulated US exchange.

The person familiar with the talks, who spoke on condition of anonymity because negotiations are still ongoing, also confirmed details of a previous funding round completed in April that valued Polymarket at $15 billion. That round reportedly included a $600 million direct cash investment from Intercontinental Exchange, the parent company of the New York Stock Exchange, according to earlier reporting from The Information and Bloomberg.

A Fast-Growing Regulated US Footprint

If finalized, the new round would mark Polymarket’s first fundraising effort since officially launching its CFTC-regulated US exchange, which opened with a waitlist in December before going fully live in May. That regulated arm, operated by QCX LLC under the Polymarket US banner, requires full identity verification and lets American users trade event contracts through licensed futures commission merchants rather than the crypto-settled rails used on the international platform.

Trading activity on that US exchange has climbed steadily since launch. Data from Dune Analytics shows the platform generating more than $100 million in daily notional trading volume, up from roughly $75 million at the end of May. Polymarket’s international platform, which remains geoblocked for US users under a 2022 settlement, is posting even larger numbers — north of $150 million in daily notional volume.

Prediction Markets Are Attracting Serious Capital

Polymarket’s fundraising talks land amid a broader surge of investor interest in prediction markets. Rival platform Kalshi completed a funding round earlier this year that valued the company at $22 billion, and the Financial Times has since reported that Kalshi is targeting a $40 billion valuation in a planned third-quarter raise. The back-and-forth between the two platforms has turned prediction markets into one of the more closely watched corners of both the betting and fintech industries, with each new round pushing valuations higher.

The category has increasingly overlapped with traditional sports betting as both Polymarket and Kalshi expand into sports-related event contracts, drawing scrutiny from state gaming regulators even as they operate under federal CFTC oversight. Bettors weighing where to put their money can compare sportsbook reviews and current odds across the traditional betting market as the prediction markets space continues to court new capital and expand its regulated US presence.