Polymarket Reportedly Raises $1 Billion at $21 Billion Valuation in 1789 Capital-Led Round
Polymarket is reportedly raising $1 billion at a $21 billion valuation, with 1789 Capital leading at roughly $300 million and NYSE parent ICE bringing its total commitment in the platform to $1.6 billion.
- Reported round size
- $1 billion (reported)
- Reported valuation
- $21 billion (reported)
- Lead investor commitment
- 1789 Capital investing approx. $300M, doubling prior position (reported)
- ICE cumulative investment
- NYSE parent ICE has now invested $1.6B in Polymarket (reported)
- Rival Kalshi valuation
- Recently valued at $22 billion (reported)
Polymarket, the prediction market platform that describes itself as the world's largest of its kind, is reportedly raising $1 billion in a new funding round that would value the company at $21 billion.
1789 Capital, the venture fund linked to Donald Trump Jr., is leading the round with approximately $300 million, doubling down on its prior position in the platform. Trump Jr. sits on Polymarket's advisory board. NYSE parent ICE has now committed a cumulative $1.6 billion to the company, underscoring the depth of institutional interest building around event-based trading. Terms beyond the reported figures were not disclosed.
The raise arrives as Polymarket's closest rival, Kalshi, carries a reported valuation of $22 billion, putting the two platforms within striking distance of each other in an increasingly competitive segment. Polymarket operates on a model where users buy and sell shares tied to real-world outcomes, with prices between zero and 100 cents reflecting implied probabilities. The platform currently blocks trading on polymarket.com for United States users, redirecting them instead to polymarket.us.
Why it matters
The scale of capital flowing into prediction markets signals a structural shift in how institutional investors view the category. A $1 billion raise at a $21 billion valuation is not early-stage experimentation; it is a commitment more typically associated with late-stage financial infrastructure. The involvement of NYSE parent ICE alongside a politically connected venture firm suggests the sector is being positioned as durable infrastructure for real-time probability aggregation rather than a speculative niche. For those tracking consumer and regulatory landscapes, prediction markets are becoming meaningful gauges of outcome probabilities across everything from policy decisions to market events, giving them indirect relevance well beyond trading communities.
The competitive dynamic between Polymarket and Kalshi also matters. With valuations of $21 billion and $22 billion respectively, the two platforms are locking in roughly equivalent institutional credibility while competing for liquidity, user base, and regulatory standing. Whichever platform establishes deeper roots in the United States market stands to capture the lion's share of the institutional volume both are now attracting.
What to watch
The central open question is whether Polymarket's US market access, currently managed through a separate domestic domain, expands materially. The platform's scale of institutional backing from ICE and the reported new round creates pressure to resolve that regulatory posture. How Polymarket navigates US trading rules will determine whether it can close the narrow valuation gap with Kalshi or whether that gap widens as the rival consolidates domestic market share first.
Featured on @cpglatest: see the post
Sources
Related coverage
Dan-O's Seasoning Secures $25 Million PE Investment from The Newcastle Network
The Louisville-based spice brand, now in more than 22,000 U.S. retail doors, will use the capital to develop new product formats and extend its retail and online reach, per The Newcastle Network's announcement.
Intake Breathing Raises $62 Million From Camino Partners to Enter Mass Retail
Camino Partners, founded by KIND Snacks' Daniel Lubetzky, backed the round as the magnetic nasal dilator brand prepares to move beyond its DTC and Amazon channels into mass retail, per Modern Retail.
Kalshi Closes $1 Billion Round at $40 Billion Valuation
CNBC reported that Kalshi's $1 billion raise co-led by Sequoia Capital and Wellington Management values the exchange nearly eight times higher than it was just one year ago.