Polymarket is reportedly raising about $1 billion in a new financing round that would value the blockchain-based prediction market at approximately $21 billion on a post-money basis. The round is being led by 1789 Capital, the venture firm linked to Donald Trump Jr., which plans to contribute around $300 million, according to people familiar with the matter cited by The Wall Street Journal and confirmed separately by a firm spokesperson.
The planned commitment follows roughly $200 million that 1789 Capital had previously invested in Polymarket. If the latest transaction closes, the firm’s disclosed exposure would reach about $500 million, making it one of Polymarket’s largest backers. Donald Trump Jr. joined 1789 Capital as a partner after the 2024 election and later became a member of Polymarket’s advisory board.
The proposed $21 billion valuation is up from roughly $15 billion following an earlier round in April and more than double the $9 billion post-money valuation tied to Intercontinental Exchange’s 2025 investment. ICE remains Polymarket’s largest investor with about 22% of outstanding shares. The NYSE parent had agreed to invest up to $2 billion in October 2025 and completed a further $600 million cash investment in March 2026.
Polymarket operates an international blockchain platform that settles markets using USDC on Polygon, alongside a U.S. regulated exchange acquired through its $112 million purchase of QCEX. The CFTC lists QCX LLC as a designated contract market, giving Polymarket a federally regulated route for U.S. event contracts. However, state-level challenges continue over sports event contracts, with some regulators arguing that certain products amount to sports betting.
The financing round would supply additional capital for compliance, technology, market surveillance, legal disputes and competition with rival Kalshi. The transaction has not been announced as completed, and final amounts, participants and ownership distribution could still change.
