Image credit: Pexels
Polymarket is seeking to raise $1 billion in a funding round led by Donald Trump Jr.-linked venture firm 1789 Capital that would value the prediction market operator at $21 billion after the investment.
1789 plans to invest about $300 million, adding to roughly $200 million it previously committed to Polymarket. The proposed financing would lift Polymarket’s valuation 40% from the $15 billion level reached in April.
1789 Capital Plans Another $300M Polymarket Investment
The latest commitment would take 1789 Capital’s total investment in Polymarket to roughly $500 million. A spokesperson for the firm confirmed that it is leading the financing, while Polymarket declined to comment on the round.
Donald Trump Jr. joined 1789 Capital as a partner in 2024 and later joined Polymarket’s advisory board after the firm first invested in the company in 2025. He also advises rival prediction market Kalshi.
Intercontinental Exchange, the owner of the New York Stock Exchange, is another major Polymarket investor.
Polymarket Valuation Could Rise 40% From $15B to $21B
Polymarket was valued at about $9 billion in October 2025 before reaching a $15 billion valuation in an April financing involving D.E. Shaw and G Squared alongside existing investors.
The proposed $21 billion valuation would put Polymarket close to Kalshi, which raised capital at a $22 billion valuation in May.
Polymarket has also been rebuilding its US business after acquiring a CFTC-regulated derivatives exchange and relaunching domestically.
$1B Funding Round Has Not Yet Closed
The financing comes as prediction market operators continue facing disputes over the respective roles of federal derivatives regulation and state gambling laws.
House Democrats have separately opened an inquiry into 1789 Capital’s investments and requested records from the firm. 1789 has rejected suggestions that its portfolio companies received improper treatment.
The $1 billion Polymarket round has not been publicly announced as closed. If completed on the reported terms, it would value the company at $21 billion and increase 1789 Capital’s total investment to about $500 million.
