According to a Bloomberg report on September 1st, sources familiar with the matter revealed that prediction market platform Polymarket plans to complete a $1 billion funding round, bringing its post-money valuation to $21 billion. The round was led by 1789 Capital, a venture capital firm with Donald Trump Jr. as a partner, which plans to invest approximately $300 million. A Polymarket spokesperson declined to comment.
Polymarket was valued at $15 billion when it raised funds in April, with DE Shaw and G Squared becoming new investors. Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, also completed a $1.6 billion investment in Polymarket earlier this year. The new funds will be used to attract more institutional users, and Polymarket is currently seeking regulatory approval to offer margin trading in the United States.
The prediction market industry continues to face regulatory controversy, with individual states claiming regulatory authority while the platforms argue that the federal derivatives regulator should be responsible. Last week, a U.S. federal appeals court ruled in favor of state regulations. Donald Trump Jr., a partner at 1789 Capital, currently advises both Polymarket and Kalshi.