Polymarket reportedly seeks $1 billion at $20B

Polymarket is reportedly in preliminary talks with prospective investors about raising roughly $1 billion at a valuation above $20 billion. Summary Polymarket is reportedly discussing a new $1 billion raise at a valuation exceeding $20 billion. April’s financing reportedly valued Polymarket at $15 billion and included D.E. Shaw and G Squared. ICE confirmed a $600 million March investment after making an earlier $1 billion Polymarket investment. July prediction market volume reached $50.6 billion, with Kalshi handling $37.7 billion across its platform. Polymarket US operates through QCX, a CFTC designated market, amid state challenges to federal authority. Bloomberg reported the discussions on Aug. 4, citing people familiar with the private negotiations. The company has not announced a deal. A Polymarket spokesperson declined to comment on the report. The fundraising amount, valuation and investor group should therefore be treated as “preliminary” rather than completed financing. A successful round would place Polymarket near Kalshi, its largest prediction market rival, which secured a $22 billion valuation in May. It would also continue the rapid rise in private valuations across a...