Polymarket seeks more than $20 billion valuation as revenue surges

Polymarket is in early talks to raise about $1 billion at a valuation of more than $20 billion, a sharp rise for the prediction-market platform less than a year after a round that valued it at $9 billion. CNBC separately reported that a person familiar with the matter confirmed the talks and said the company was being discussed at a valuation north of $20 billion.

The company closed a $15 billion round in April. That deal brought in D.E. Shaw and G Squared as new investors, while existing backers SV Angel, Dragonfly and Valor Equity Partners added capital to $600 million from Intercontinental Exchange, taking the total to about $1 billion.

If the current financing closes, Polymarket would be worth more than twice as much as it was in October 2025. The latest talks also follow Polymarket telling CNBC in late June that its annualised revenue was well above $1 billion.

By August, Quartz reported that annualised revenue had risen to more than $1.2 billion. CNBC said the company's U.S. exchange is doing more than $100 million in daily notional volume, up from around $75 million at the end of May, while the international platform is above $150 million a day, according to Dune Analytics data cited by the outlet.

The U.S. exchange began with a waitlist in December and opened broadly in May. If a new round closes, it would be Polymarket's first fundraise since that official U.S. launch.

Rival Kalshi has also been active in the market. CNBC reported that Kalshi valued itself at $22 billion in May, while the Financial Times later said it was seeking a $40 billion valuation in a new round.

Prediction markets remain a contested space. Stanford Law's context piece says Kalshi and Polymarket argue that market prices, not a casino house, set the odds, while some states say the model is no different from sports betting. The same article says Polymarket is crypto-native, does not apply U.S.-style anti-money-laundering or know-your-customer rules, and is technically closed to U.S. persons, though some still access it through virtual private networks.

Quartz reported that Polymarket faces a U.S. Commodity Futures Trading Commission probe tied to its social media conduct amid reports of deceptive promotional activity. The company has said it reviewed its promotional content to verify it met internal standards and applicable regulatory and legal disclosure rules.