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Prediction market platform Polymarket is in talks to raise fresh funding at a valuation exceeding $20 billion, according to CNBC, citing a person familiar with the matter.
The fundraising discussions follow the company’s disclosure in late June that its annualised revenue had surpassed $1 billion after launching its regulated US exchange in May.
The source, who requested anonymity because the talks are ongoing, also confirmed that Polymarket completed a funding round in April at a $15 billion valuation.
According to previous reports by The Information and Bloomberg, that round included an additional $600 million direct cash investment from Intercontinental Exchange, the owner of the New York Stock Exchange. If completed, the new fundraising round would be Polymarket’s first since the official launch of its US exchange, which initially opened with a waitlist in December.
The company has continued to expand its trading activity. Data from Dune Analytics showed that the US exchange is generating more than $100 million in daily notional trading volume, up from around $75 million at the end of May. Its international platform is recording more than $150 million in daily notional trading volume.
The fundraising comes as private prediction market platforms continue to attract investor interest. In May, rival Kalshi completed a funding round that valued the company at $22 billion. The Financial Times later reported that Kalshi was seeking a $40 billion valuation in a planned third-quarter fundraising round.