Polymarket raises one billion dollars at a twenty-one billion valuation

1789 Capital, the venture fund where Donald Trump Jr. serves as a partner, led a $1 billion funding round in Polymarket that values the prediction market platform at $21 billion, according to Bloomberg and the Wall Street Journal.

1789 Capital committed approximately $300 million in the round, extending a relationship that began with a prior $200 million investment. Trump Jr. also sits on Polymarket's advisory board, a role announced alongside that earlier stake.

The new valuation more than doubles the $9 billion figure attached to Polymarket when Intercontinental Exchange made its first $1 billion investment in October last year. ICE followed with a further $600 million in March, bringing its total committed capital to $1.6 billion.

Polymarket's $21 billion figure still trails Kalshi, which raised $1 billion in April at a $22 billion valuation in a round backed by Sequoia Capital, Andreessen Horowitz and Morgan Stanley. The Information has since reported Kalshi is pursuing a further round at $40 billion, citing annualized revenue surpassing $4 billion.