Prediction market platform Polymarket is reportedly seeking to raise around $1 billion in a new funding round that could value the company at more than $20 billion, according to a Bloomberg News report published on Tuesday. The discussions are still in the early stages, and Reuters was unable to independently verify the information. Polymarket has not yet responded to requests for comment.
Prediction markets, which allow users to place wagers on the outcomes of events ranging from politics to sports and business, have witnessed a surge in popularity in recent years. The growing interest has attracted major investors and intensified competition in the sector. Earlier this year, rival platform Kalshi announced that it had secured $1 billion in funding at a valuation of $22 billion.
The latest fundraising talks come just months after Polymarket reportedly raised $1 billion at a $15 billion valuation in April. According to the report, New York Stock Exchange parent company Intercontinental Exchange invested $600 million in the platform as part of that round. In June, Reuters reported that Polymarket’s annualized revenue had crossed the $1 billion mark, underscoring the rapid growth of the prediction market industry.
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