Polymarket in talks for funding round at over $20 billion valuation

Published Aug 4, 01:31 PM UTC

Prediction market platform Polymarket is in discussions for a new funding round that would value the company at more than $20 billion, a source familiar with the matter confirmed to CNBC. The talks follow the company's disclosure in late June that its annualized revenue exceeded $1 billion after launching its regulated U.S. exchange in May. Polymarket previously closed a funding round in April at a $15 billion valuation, which included a $600 million investment from Intercontinental Exchange, owner of the New York Stock Exchange. The company's U.S. exchange now processes over $100 million in daily notional volume, up from $75 million in late May, while its international platform sees over $150 million daily. The prediction market sector continues to grow rapidly, with rival Kalshi reportedly seeking a $40 billion valuation in its next funding round.