Polymarket seeks funding at valuation above $20 billion

Polymarket is in preliminary talks to raise about $1 billion at a valuation above $20 billion, a step that would extend the prediction-market platform's rapid climb in private-market value but remains unconfirmed and subject to change. Bloomberg reported the discussions on Aug. 4, citing people familiar with the matter, while Polymarket declined to comment. The fundraising effort follows an April financing that Bloomberg reported valued Polymarket at $15 billion and brought in D.E. Shaw and G Squared. Intercontinental Exchange, the parent of the New York Stock Exchange, separately confirmed a $600 million March 27 investment after previously investing $1 billion in October 2025. Bloomberg also referred to an October 2025 valuation of about $9 billion, while ICE said its planned investment reflected an approximate $8 billion valuation before new capital, suggesting different valuation bases rather than a clear contradiction. The company's valuation case is tied to U.S. expansion and rising activity. QCX LLC, doing business as Polymarket US, is listed by the Commodity Futures Trading Commission as a designated contract market with a July 9, 2025 designation date. Bloomberg reported Polymarket had opened its U.S. exchange following the April financing, while the company's U.S. access page says the app is being rolled out from a waitlist. Bloomberg's sources said annualized revenue has more than tripled since April to above $1.2 billion, broadly in line with a Reuters report in June that put annualized revenue above $1 billion. Trading data show both growth and competitive pressure. Combined July volume for Polymarket, Polymarket US and Kalshi reached a record $50.6 billion, with Kalshi handling $37.7 billion. Polymarket US volume rose 54% to $5 billion, while Polymarket's international venue fell 26% to $7.9 billion. Kalshi, Polymarket's biggest rival, announced a $1 billion Series F round at a $22 billion valuation on May 7. Regulatory disputes remain part of the backdrop. Nevada's gaming regulator sued Polymarket and QCX in January, arguing the companies were offering unlicensed wagering in the state, while North Carolina in July enacted a law recognizing CFTC-regulated prediction markets and imposing a 6% tax on trading fee revenue starting in 2027. Those issues do not prevent fundraising talks, but they could influence how investors assess Polymarket's U.S. growth prospects.