Polymarket seeks $20B+ valuation in funding round

Key facts

• Polymarket is reportedly seeking to raise funds at a valuation of more than $20 billion.
• The prediction markets platform is in early discussions to raise about $1 billion.
• Intercontinental Exchange invested $600 million in Polymarket earlier this year as part of an April funding round.
• Polymarket's annualized revenue surpassed $1 billion in June.

Polymarket, a platform for prediction markets, is reportedly in early discussions to secure approximately $1 billion in new funding at a valuation exceeding $20 billion. This latest fundraising effort comes after the company raised $1 billion at a $15 billion valuation in April, which included a $600 million investment from Intercontinental Exchange, the parent company of the New York Stock Exchange.

Prediction markets, where users can wager on the outcomes of various events, have seen a surge in popularity and investor interest. Peer Kalshi, a competitor, previously raised $1 billion at a $22 billion valuation earlier this year. Polymarket's annualized revenue had surpassed $1 billion as of June, according to a source familiar with the matter.