Polymarket, a prediction market platform, is reportedly in discussions for a fundraising round that would elevate its valuation to more than $20 billion. This comes after the company disclosed in June that its annualized revenue exceeded $1 billion, following the launch of its regulated U.S. exchange in May.
Previously, Polymarket had closed a funding round in April that valued it at $15 billion, which included a substantial $600 million investment from Intercontinental Exchange, the owner of the New York Stock Exchange.
The prediction market sector is witnessing rapid growth, with Polymarket's main competitor, Kalshi, recently valued at $22 billion and seeking a $40 billion valuation in upcoming funding talks. Polymarket's U.S. exchange is currently handling over $100 million in notional volume daily, an increase from $75 million in late May, while its international platform exceeds $150 million in daily volume.
If successful, this new funding round would be significant as it would be the first since the U.S. exchange's official launch, indicating strong investor interest in the prediction market space