Polymarket seeks $20 billion-plus valuation in new funding round

Polymarket is in early talks to raise about $1 billion at a valuation above $20 billion, according to Bloomberg. A person familiar with the matter confirmed the talks and the valuation to CNBC, though the person asked not to be named. A Polymarket spokesperson declined to comment on the fundraising talks.

If completed, the round would more than double the $9 billion valuation Polymarket carried in October 2025, according to Bloomberg. The company closed a round at a $15 billion valuation in April, which brought in hedge fund D.E. Shaw & Co. and venture capital firm G Squared as new investors alongside existing backers. That round also included a $600 million investment from Intercontinental Exchange Inc., reaching a total of roughly $1 billion.

Since the April close, Polymarket opened its U.S. exchange to the public and saw annualized revenue rise to more than $1.2 billion. Daily notional volume on the U.S. exchange has climbed to over $100 million, compared with roughly $75 million at the end of May, and the international platform is handling more than $150 million per day, according to CNBC.

Any new round that closes would be the first fundraise completed after the U.S. exchange went fully live. The exchange had been available on a waitlist basis since December before it opened broadly in May.

Polymarket's chief rival, Kalshi, announced a funding round in May that valued the company at $22 billion. The Financial Times reported in June that Kalshi was pursuing additional capital in Q3 that would price the company at $40 billion.

Polymarket is also facing a probe by the U.S. Commodity Futures Trading Commission tied to its social media conduct amid reports of deceptive promotional activity. A company spokesperson said Polymarket initiated a review of its promotional content to verify that it meets internal standards along with applicable regulatory and legal disclosure rules.

The platform is led by Shayne Coplan. Recent executive hires include Travis VanderZanden, who held senior roles at both Uber Technologies Inc. and Lyft Inc., came aboard as chief growth officer, while Hayk Mkrtchyan, an engineer with experience building out the New York Stock Exchange's trading infrastructure, was hired to oversee the U.S. exchange's development.