A Polymarket billboard displaying New York City mayoral election odds in Times Square in New York, US, on Tuesday, Nov. 4, 2025. <\/p>\n
Adam Gray | Bloomberg | Getty Images<\/p>\n
Prediction market<\/a> platform Polymarket<\/a> is in talks for a fundraising round that would value the company at north of $20 billion, a person familiar with the matter confirmed to CNBC.\u00a0<\/p>\n The talks and valuation come after the company told CNBC in late June that its annualized revenue<\/a> was well above $1 billion, following the launch of its regulated U.S. exchange in May.<\/p>\n Bloomberg<\/a> first reported on Tuesday about the new talks and valuation. Polymarket declined a request to comment by CNBC.<\/p>\n The person familiar with the situation \u2014 who asked not to be named to discuss the ongoing fundraising talks \u2014 also confirmed that the company previously closed a funding round in April that valued Polymarket at $15 billion.\u00a0<\/p>\n The Information<\/a> first reported about the funding round that same month, but the company did not confirm the round’s closure at the time. That round included an additional $600 million direct cash investment by New York Stock Exchange owner Intercontinental Exchange<\/a> announced in March<\/a>, Bloomberg reported.\u00a0<\/p>\n Prediction market platforms are continuing to experience huge growth while staying private. In May, Polymarket’s chief rival, Kalshi, announced the closure of a funding round that valued the company at $22 billion. The Financial Times reported<\/a> in June that Kalshi was in talks to raise new funds in the third quarter and would seek a $40 billion valuation.\u00a0<\/p>\n If a new funding round for Polymarket closes, it would mark the first since the U.S. exchange’s official launch, though the platform debuted with a waitlist in December. The U.S. exchange is doing north of $100 million in notional volume per day \u2014 up from around $75 million at the end of May \u2014 while the company’s international platform is recording daily notional volume above $150 million, according to data from Dune Analytics. <\/p>\n \u2014 CNBC’s Ananya Chetia contributed reporting<\/p>\n Disclosure: CNBC and Kalshi have a commercial relationship that includes customer acquisition and a minority investment.<\/p>\n