Polymarket Funding Round Reportedly Values Company At $21 Billion

TLDR

• Polymarket is reportedly raising about $1 billion at a $21 billion valuation.
• Donald Trump Jr.-linked 1789 Capital plans to invest roughly $300 million in the round.
• 1789 Capital previously put in about $200 million, bringing its total exposure near $500 million.
• ICE, the New York Stock Exchange’s parent company, remains Polymarket’s largest investor with about 22% of shares.
• State lawsuits over sports event contracts continue even as Polymarket expands its regulated U.S. business.

Polymarket is in talks to raise close to $1 billion in new funding. The deal would value the prediction market platform at about $21 billion once the money is added in.

The Wall Street Journal first reported the plans on Aug. 31. The report cited people familiar with the discussions.

A spokesperson for 1789 Capital confirmed the planned investment and valuation separately. The deal has not been finalized. The final size, list of investors and ownership split could still change.

1789 Capital’s Growing Stake

1789 Capital is expected to contribute about $300 million to the round. The firm is leading the broader raise, though other investors have not been named publicly.

This is not the firm’s first investment in Polymarket. It previously put in around $200 million, meaning its total commitment could reach close to $500 million.

Donald Trump Jr. joined 1789 Capital as a partner after the 2024 election. He later joined Polymarket’s advisory board.

He has also worked with Kalshi, a rival prediction market operator. This gives him ties to two competing platforms in the same industry.

Trump Jr. has said he invests as a private citizen. He has stated he holds no policy role in the current administration.

House Judiciary Committee Democrats are looking into 1789 Capital’s fast growth. The investigation does not accuse anyone of wrongdoing.

Valuation Climbs From $15 Billion

The new round would push Polymarket’s valuation to about $21 billion. That is up from roughly $15 billion after an earlier round closed in April.

This figure comes from private investors, not a public stock market. Polymarket has not released audited financial records that would let outsiders check the number independently.

ICE, the company that owns the New York Stock Exchange, remains Polymarket’s biggest backer. Its stake sits at about 22% of outstanding shares, based on the most recent disclosure.

ICE first agreed to invest up to $2 billion in October 2025. That deal valued Polymarket at about $8 billion at the time.

ICE added another $600 million in cash in March 2026. A recent securities filing showed ICE recorded a $389 million paper gain on its stake during the first quarter.

Neither Polymarket nor 1789 Capital has said whether the new shares are freshly issued or bought from existing holders.

Polymarket runs a global platform where people trade contracts tied to elections, sports and economic events. It also owns a U.S. business through its purchase of QCEX, which holds federal approval to run regulated markets.

The company’s international site once blocked U.S. users after a 2022 settlement with regulators. It paid a $1.4 million penalty at the time.

Sports contracts have become a large part of the business. World Cup related trading alone brought in billions in volume this year.

Legal fights are still unresolved. State regulators argue some sports contracts count as betting and need gambling licenses.

Courts across different states have ruled both ways on the matter. The new funding would give Polymarket more resources to cover legal costs, technology and competition with Kalshi.

Polymarket has no public stock and no confirmed company token. Any token claiming ties to the company should not be treated as legitimate without official confirmation.

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