Polymarket is in talks to raise about $1 billion at a valuation above $20 billion, according to people familiar with the discussions. That is more than double the $9 billion mark it carried in October 2025, and above the $15 billion it reached only 4 months ago.
The company has not confirmed the round and declined to comment on the talks. If it closes, it would be Polymarket's third valuation jump in a year, on a business that, by June 2026, was generating more than $1.2 billion in annualized revenue, roughly triple what it made before it opened to US traders.
The last round was 4 months ago
Polymarket closed its previous round in April 2026 at a $15 billion valuation, bringing in the hedge fund D.E. Shaw & Co. and the venture firm G Squared as new investors, on top of a $600 million tranche from Intercontinental Exchange, the New York Stock Exchange's owner, which had first agreed to invest at Polymarket's $9 billion valuation the previous October. Raising again at $20 billion-plus after just 4 months would be one of the fastest back-to-back valuation jumps the sector has seen.
Kalshi is ahead on price and on volume
The new number would still trail Polymarket's main US rival. Kalshi went from a $5 billion valuation in early 2025 to $11 billion by December, $22 billion in May 2026, and was already in talks for $40 billion by late June. On trading volume, the gap is wider: across a combined $50.6 billion in July 2026 volume for Kalshi, Polymarket, and Polymarket's separate US entity, boosted by the World Cup, Kalshi alone accounted for $37.7 billion, roughly 3 out of every 4 dollars traded. Polymarket's own volume fell 26% that month to $7.9 billion, while Polymarket US, its newer regulated arm, rose 54% to $5 billion.
The other number attached to Polymarket's name
The fundraising talks land alongside a federal marketing investigation. The Commodity Futures Trading Commission has an active inquiry into how Polymarket promoted itself, opened after a review of promotional videos found that paid content creators appeared to be trading and winning on the platform, when in reality they were simulating trades on look-alike copies of the site with no money at risk. The review covered 1,105 videos from 10 creators between December 2025 and mid-May 2026, and found that none of the roughly $1.9 million in claimed winnings was real. Two US senators wrote to the CFTC in June asking it to investigate; Polymarket says it is running an internal audit of its promotional content.
None of that has slowed the fundraising conversation. Investors are being asked to price Polymarket at more than double what it was worth in the spring, on the same revenue and volume numbers a federal regulator is also looking at.
