Polymarket seeks $1B at $20B valuation, up from $15B in April

What's the deal? Prediction market platform Polymarket is in talks to raise $1 billion in a growth equity round valuing it at $20 billion, according to a person familiar with the matter. The valuation would be about one-third higher than the $15 billion valuation the company reached in April.

Why now? The round follows the May launch of Polymarket's regulated US exchange. It would be the company's first raise since that debut, though the platform opened with a waitlist in December.

By the numbers: Polymarket told CNBCDealroom has a profile for this one. Try Dealroom → in late June that its annualised revenue was well above $1 billion. Its US exchange now handles more than $100 million in notional volume per day — up from around $75 million at the end of May — while its international platform records above $150 million daily, per Dune Analytics.

How big is this? At $1 billion, the round sits in the top 2% of all growth equity deals recorded in the sector.

Deal history: The April round that valued Polymarket at $15 billion included a $600 million direct cash investment by Intercontinental ExchangeDealroom has a profile for this one. Try Dealroom →, owner of the New York Stock ExchangeDealroom has a profile for this one. Try Dealroom →. The company did not confirm that round's closure at the time.

The signal: Prediction markets are scaling fast while staying private. Rival Kalshi closed a round in May at a $22 billion valuation and, per the Financial TimesDealroom has a profile for this one. Try Dealroom →, was in talks to raise at $40 billion in the third quarter — a sign investors expect the sector's momentum to continue.

Read more: Tech Funding News · CNBC

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