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Donald Trump Jr. now has financial ties to both sides of the U.S. prediction-market rivalry after his venture firm, 1789 Capital, increased its investment in Polymarket. The firm is contributing about $300 million to a new $1 billion Polymarket funding round that values the platform at $21 billion.
1789 Capital had already invested roughly $200 million in Polymarket, according to reports citing people familiar with the transactions. Trump Jr., a partner at 1789 Capital, also serves on Polymarket’s advisory board while separately holding an advisory role and equity in rival Kalshi.
1789 Capital Expands Its Polymarket Investment
Trump Jr. joined Polymarket’s advisory board in August 2025 when 1789 Capital announced its initial investment in the company. The latest financing would bring 1789 Capital’s reported investment in Polymarket to roughly $500 million across the two rounds. Trump Jr. said at the time that:
“Prediction markets have completely changed the way people follow the news.”
Kalshi Stake Has Also Increased in Value
Trump Jr. became a strategic adviser to Kalshi in January 2025. The Financial Times later reported that he received about $300,000 in Kalshi equity as compensation when the company was valued at less than $2 billion.
Kalshi has since raised capital at a $22 billion valuation. Trump Jr.’s stake has been diluted through subsequent financing rounds, however, and its current value has not been publicly disclosed, so the increase in Kalshi’s valuation does not translate directly into an equivalent gain for his original equity award.
Trump Jr. Advises Both Prediction Market Rivals
The arrangements leave Trump Jr. with advisory relationships and financial ties to two major U.S.-focused prediction-market companies. His Polymarket connection comes through his advisory role and 1789 Capital’s investment, while his Kalshi interest stems from equity received for his advisory role.
Polymarket’s latest $21 billion valuation now sits close to Kalshi’s reported $22 billion valuation. The competing platforms continue to expand in the U.S., while Trump Jr. maintains advisory and financial ties to both companies.
