Polymarket in talks for $1B raise at $21B valuation

Polymarket, the prediction market platform, is in advanced talks to raise $1 billion in a new funding round that would value the company at $21 billion, according to people familiar with the matter. The round is being led by 1789 Capital, the venture capital firm where Donald Trump Jr. is a partner, which plans to contribute approximately $300 million. The financing would mark a significant increase from Polymarket's previous valuation of around $15 billion, set during a round completed in April 2026.

The proposed investment would bring 1789 Capital's total commitment to Polymarket to roughly $500 million, following an earlier investment of about $200 million. A spokesperson for the firm confirmed the planned investment and valuation. The round has not been officially closed, and final terms could still change. The Wall Street Journal first reported the financing plans on August 31.

Intercontinental Exchange, the owner of the New York Stock Exchange, remains Polymarket's largest shareholder, holding approximately 22% of the company's outstanding shares. ICE first announced an investment agreement of up to $2 billion in October 2025, initially valuing Polymarket at around $8...