Polymarket is currently undergoing a new funding round aiming to raise $1 billion, which would value the prediction market platform at $21 billion, as reported by Bloomberg and citing sources familiar with the matter.
1789 Capital, a venture fund with Donald Trump’s eldest son as a partner, is said to be leading the funding round with an investment of approximately $300 million.
The Wall Street Journal, also referencing insider sources, stated that 1789 Capital’s latest investment positions them as one of the largest investors in Polymarket, after a previous investment of $200 million in the platform.
A new round for 1789 Capital
1789 Capital initially made a “strategic investment” in Polymarket last year, with the terms of that deal undisclosed at the time. This announcement coincided with Donald Trump Jr. joining Polymarket’s advisory board, leveraging his “decades of experience” in the industry.
Trump Jr. praised Polymarket as the “largest prediction market in the world” and emphasized the platform’s ability to assist in cutting through “media spin and so-called ‘expert’ opinion” by allowing individuals to wager on their genuine beliefs regarding global events.
Influx of institutional funding
Polymarket’s increased valuation follows a $600 million investment from Intercontinental Exchange, the parent company of the New York Stock Exchange, made in March. This investment raised ICE’s total stake in Polymarket to $1.6 billion.
Rival prediction market platform Kalshi completed a $1 billion funding round in April, reaching a $22 billion valuation, with key investors including Sequoia Capital, Andreessen Horowitz, and Morgan Stanley.
Trump Jr.’s prior involvement with Kalshi
Prior to joining Polymarket’s advisory board, Trump Jr. held a separate position at Kalshi. In January of the previous year, Kalshi announced his appointment as a Strategic Advisor.
The announcement highlighted Kalshi’s capability to navigate a “fractured, often biased media landscape” and pointed out their successful prediction of President-Elect Trump’s victory in the 2024 presidential election, contrary to traditional media forecasts.
According to the Financial Times, Trump Jr. received a $300,000 stake in Kalshi upon joining as an advisor in January 2025, which has appreciated significantly as Kalshi has undergone fundraising at higher valuations since then.
The Information recently reported that Kalshi has exceeded $4 billion in annual revenue and is pursuing a new funding round at a $40 billion valuation, nearly doubling Polymarket’s latest reported valuation.
The disparity in valuations marks a shift from October of the previous year when Intercontinental Exchange’s $1 billion investment valued Polymarket at $9 billion compared to Kalshi’s $5 billion valuation at the time.