Polymarket raises $1 billion at valuation above $20 billion

Polymarket, the well-known prediction market platform, is holding exploratory talks with potential investors to raise approximately $1 billion in capital. That is according to Bloomberg, citing insiders who asked to remain anonymous. The targeted valuation for this funding round exceeds $20 billion.

In brief:

• Polymarket wants to raise $1 billion at a valuation of more than $20 billion.
• That is more than double the $9 billion valuation from October 2025.
• Rival Kalshi was valued at $22 billion in May and trades three times as much volume as Polymarket.

From $9 billion to more than $20 billion in less than a year

If the round is completed successfully, Polymarket’s valuation will rise from $9 billion to more than $20 billion in less than a year. In October 2025, the platform was still valued at $9 billion. That was followed in April 2026 by a funding round of approximately $1 billion, which valued the company at $15 billion. Investors including D.E. Shaw and G Squared participated.

Since then, Polymarket has also launched its platform in the United States and seen its annual revenue rise to more than $1.2 billion. A company spokesperson declined to comment on the new funding plans.

Rival Kalshi is ahead of Polymarket

Polymarket is not the only one attracting the attention of major investors. Rival Kalshi raised a funding round in May 2026 that valued the company at $22 billion. That puts Kalshi’s valuation already slightly higher than what Polymarket is now seeking.

Moreover, Kalshi’s trading volume is currently significantly higher. Kalshi’s trading volume in July was reportedly about three times that of Polymarket. The competitive battle between the two prediction market platforms thus appears to be intensifying, while the sector as a whole is drawing considerable interest from large investors.