Polymarket is in early talks to raise about $1 billion at a valuation above $20 billion, according to Bloomberg.
A person familiar with the matter confirmed the talks and the valuation to CNBC, though the person asked not to be named
A Polymarket spokesperson declined to comment on the fundraising talks. If completed, the round would more than double the $9 billion valuation Polymarket carried in October 2025, according to Bloomberg. The company closed a round at a $15 billion valuation in April, which brought in hedge fund D.E.
Shaw & Co. and venture capital firm G Squared as new investors alongside existing backers. That round also included a $600 million investment from Intercontinental Exchange Inc., reaching a total of roughly $1 billion. Since the April close, Polymarket opened its U.S. exchange to the public and saw annualized revenue rise to more than $1.2 billion.