Polymarket is reportedly in preliminary talks with prospective investors about raising roughly $1 billion at a valuation above $20 billion. According to Bloomberg, the discussions are ongoing, but the company has not announced a deal. A successful round would place Polymarket near its largest prediction market rival, Kalshi, which secured a $22 billion valuation in May.
Background
The reported transaction remains at an early stage, with no term sheet, closing date, or final investor list released. Polymarket's return to the U.S. gives the company a regulated growth channel alongside its international platform, which uses crypto settlement.
Valuation
A valuation above $20 billion would be at least 33% higher than the reported April figure and more than twice the valuation assigned to Polymarket's October round. The company's annualized revenue has more than tripled since April to above $1.2 billion, according to Bloomberg's sources.
Market Activity
Trading data shows that the U.S. venue is gaining activity, with Polymarket US increasing its volume by 54% to $5 billion in July, while Polymarket's international venue fell 26% to $7.9 billion.