Polymarket Valuation Reportedly Reaches $21bn In New Funding Round

Polymarket is reportedly raising $1bn in a new funding round that values the prediction market platform at $21bn, according to Bloomberg, which cited people familiar with the matter.

1789 Capital is reportedly leading the round with an investment of around $300m. The venture fund has Donald Trump Jr., US President Donald Trump’s eldest son, as a partner.

The Wall Street Journal, also citing people familiar with the investments, reported that the latest commitment from 1789 Capital would make it one of Polymarket’s largest investors, following a previous $200m investment.

1789 Capital Returns To Polymarket

1789 Capital first made a strategic investment in Polymarket in 2025, although the terms of that deal were not disclosed.

The announcement coincided with Trump Jr. joining Polymarket’s advisory board. The company said he would bring “decades of experience” to the role.

At the time, Trump Jr. described Polymarket as the “largest prediction market in the world” and said the US “needs access to this important platform”.

He also said the platform helped people cut through “media spin and so-called ‘expert’ opinion” by allowing users to bet on what they believed would happen in the world.

Institutional Investment

Polymarket’s reported $21bn valuation follows a $600m investment from Intercontinental Exchange (ICE) in March.

ICE, the parent company of the New York Stock Exchange, increased its total stake in Polymarket to $1.6bn following the investment.

Rival prediction market platform Kalshi raised $1bn in April at a $22bn valuation, with the round including Sequoia Capital, Andreessen Horowitz and Morgan Stanley among its investors.

Trump Jr.'s Links To Kalshi

Before joining Polymarket’s advisory board, Trump Jr. held a separate advisory role at Kalshi.

In January 2025, Kalshi announced that Trump Jr. had joined the company as a Strategic Advisor.

The company referred to what it described as a “fractured, often biased media landscape” and said Kalshi, unlike traditional media outlets, had not “failed to anticipate President-Elect Trump’s decisive victory” in the 2024 presidential election.

Trump Jr. subsequently wrote on X:

“On Election night at Mar-a-Lago, while biased outlets called the race a coin toss, my family and close friends used the prediction market Kalshi to know we won hours ahead of the fake news media.”

According to the Financial Times, Trump Jr. received a $300,000 stake in Kalshi when he joined as an adviser in January 2025.

The value of that stake has increased as Kalshi has raised funding at higher valuations.

Kalshi Valuation Moves Higher

The Information reported earlier this month that Kalshi had surpassed $4bn in annualised revenue and was pursuing a new funding round at a $40bn valuation.

That would put Kalshi's reported valuation significantly ahead of Polymarket’s latest figure.

The gap represents a shift from October 2025, when ICE’s $1bn investment valued Polymarket at $9bn, compared with a $5bn valuation for Kalshi at the time.