1789 Capital is heading a fresh investment into Polymarket that sets the prediction-markets platform's valuation at $21 billion after the deal. According to people with knowledge of the matter, the company will raise $1 billion. Bloomberg reported earlier this month that Polymarket was in initial discussions to secure funding at a valuation topping $20 billion. A Polymarket spokesperson declined to comment.
Polymarket closed a round in April at a $15 billion valuation, adding D.E. Shaw and venture firm G Squared as new backers, per prior Bloomberg reporting. The new financing adds to signals that prediction markets are expanding quickly.
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Prediction platforms like Polymarket let users wager on outcomes across areas such as sports and elections, and this deal is another marker of that sector's rapid growth. Despite that momentum, Polymarket has lagged its primary rival, Kalshi, over the course of this year because of operational and legal challenges. In May, Kalshi raised funds at a $22 billion valuation, and Donald Trump Jr., a partner at 1789, advises both Polymarket and Kalshi.
