1789 Capital leads Polymarket to $21 billion valuation

1789 Capital is leading a $1 billion funding round for Polymarket that would value the prediction-market platform at $21 billion, according to an Investing.com report citing Bloomberg. The report said the new money underlines investor appetite for event-based trading venues, where users wager on outcomes such as political elections, economic indicators and sports.

As reported in August, Polymarket was already in early talks to raise about $1 billion at a valuation of more than $20 billion. The new figure would mark a sharp step up from the company’s April financing round, which valued it at $15 billion and brought in backers including D.E. Shaw and G Squared.

The latest fundraise is said to be aimed at bolstering liquidity reserves and operational infrastructure as regulatory scrutiny and competition intensify. The report also said Polymarket’s momentum has been partly tempered by operational and legal hurdles.

Kalshi has benefited from that backdrop and raised capital at a $22 billion valuation in May, which the report described as putting it slightly ahead in the race for capital dominance within the sector. Against that backdrop, Polymarket’s new valuation would still represent a steep rise in a matter of months.

Polymarket and 1789 Capital already had a relationship before this latest round. In August 2025, Polymarket announced a strategic investment from 1789 Capital and said Donald Trump Jr. would join its advisory board.