Polymarket seeks $20 billion valuation in new funding round

Polymarket is in talks for a fundraising round that would value the prediction market platform at more than $20 billion, according to a person familiar with the matter who confirmed the discussions to CNBC on August 4, 2026. The talks follow the company's launch of its regulated U.S. exchange in May 2026 and a surge in revenue.

The potential new valuation would mark a significant increase from Polymarket's previous funding round in April 2026, which valued the company at $15 billion, the same source said. That earlier round included a $600 million direct cash investment from Intercontinental Exchange, the owner of the New York Stock Exchange, as reported by Bloomberg in March 2026.

The fundraising discussions underscore the rapid growth of prediction market platforms, which are attracting substantial investor interest while remaining private. Polymarket's chief rival, Kalshi, closed a funding round in May 2026 at a $22 billion valuation, and the Financial Times reported in June 2026 that Kalshi was in talks to raise new funds in the third quarter, seeking a $40 billion valuation.

Polymarket's U.S. exchange, which debuted with a waitlist in December 2025, is now recording more than $100 million in notional volume per day, up from around $75 million at the end of May 2026, according to data from Dune Analytics. The company's international platform is seeing daily notional volume above $150 million. In late June 2026, Polymarket told CNBC that its annualized revenue was well above $1 billion.

If the new funding round closes, it would be the first since the official launch of the U.S. exchange. Polymarket declined to comment on the talks when contacted by CNBC. The person familiar with the situation asked not to be named because the discussions are ongoing.

Bloomberg first reported the new talks and valuation on August 4, 2026. The Information had previously reported on the April 2026 funding round, though the company did not confirm its closure at that time. CNBC and Kalshi have a commercial relationship that includes customer acquisition and a minority investment.