The prediction market platform Polymarket is currently negotiating to secure new funding with a valuation projected to exceed $20 billion, as reported by CNBC, referencing a source familiar with the situation.

The funding discussions come on the heels of the company’s announcement in late June that its annual revenue has topped $1 billion following the launch of its regulated U.S. exchange in May.

The informant, who wished to remain anonymous due to the sensitive nature of the ongoing talks, also noted that Polymarket successfully completed a funding round in April, achieving a valuation of $15 billion.

According to earlier reports from The Information and Bloomberg, this funding round included a further $600 million cash investment from Intercontinental Exchange, the entity behind the New York Stock Exchange. If finalized, the new funding initiative would mark Polymarket’s first since launching its U.S. exchange, which initially opened with a waitlist in December.

The company has been consistently enhancing its trading performance. Data from Dune Analytics indicates that the U.S. exchange is generating over $100 million in daily notional trading volume, increasing from approximately $75 million at the end of May. Meanwhile, its international platform boasts more than $150 million in daily notional trading volume.

This funding effort arises as private prediction market platforms continue to gain traction among investors. In May, competitor Kalshi successfully completed a funding round valuing the company at $22 billion. The Financial Times later reported that Kalshi is aiming for a $40 billion valuation in a planned fundraising round for the third quarter.