Polymarket is raising $1 billion in a new funding round that values the prediction market platform at $21 billion, according to Bloomberg, which cited unnamed sources familiar with the matter.
1789 Capital, a venture fund where President Donald Trump’s eldest son serves as a partner, is reportedly leading the round with an investment of around $300 million.
The Wall Street Journal, also citing people familiar with the investments, reported that 1789 Capital’s latest commitment makes it one of Polymarket’s largest investors, following a prior $200 million investment in the platform.
A second round for 1789 Capital
1789 Capital first made a “strategic investment” in Polymarket last year, though the terms of that deal were not disclosed at the time. The announcement coincided with Donald Trump Jr. joining Polymarket’s advisory board, where the company said he would bring “decades of experience.”
At the time, Trump Jr. called Polymarket the “largest prediction market in the world” and said the US “needs access to this important platform.” He added that the platform helps people cut through “media spin and so-called ‘expert’ opinion by letting people bet on what they actually believe will happen in the world.”
Institutional money piles in
Polymarket’s new valuation follows a $600 million investment from Intercontinental Exchange, the parent company of the New York Stock Exchange, made in March. That investment brought ICE’s total stake in Polymarket to $1.6 billion.
Rival platform Kalshi raised $1 billion in April at a $22 billion valuation, in a round that included Sequoia Capital, Andreessen Horowitz and Morgan Stanley, among other investors.
Trump Jr.’s earlier ties to Kalshi
Before joining Polymarket’s advisory board, Trump Jr. held a separate role at Kalshi. In January last year, Kalshi announced that Trump Jr. had joined the company as a Strategic Advisor.
The announcement referenced what Kalshi called a “fractured, often biased media landscape” and said Kalshi, unlike traditional media outlets, had not “failed to anticipate President-Elect Trump’s decisive victory” in the 2024 presidential election.
Trump Jr. echoed that message in a post on X: “On Election night at Mar-a-Lago, while biased outlets called the race a coin toss, my family and close friends used the prediction market Kalshi to know we won hours ahead of the fake news media.”
According to the Financial Times, Trump Jr. received a $300,000 stake in Kalshi when he joined as an advisor in January 2025. The value of that stake has risen considerably as Kalshi has raised funding at higher valuations since then.
The Information reported earlier this month that Kalshi has surpassed $4 billion in annualized revenue and is pursuing a new funding round at a $40 billion valuation, nearly double Polymarket’s latest reported figure.
The gap marks a shift from October last year, when Intercontinental Exchange’s $1 billion investment valued Polymarket at $9 billion, compared with a $5 billion valuation for Kalshi at the time.