Polymarket is in talks for a fundraising round that would value the company at more than $20 billion, according to a person familiar with the matter.
The platform previously closed a funding round in April at a $15 billion valuation. That round included a $600 million direct cash investment by Intercontinental Exchange, the owner of the New York Stock Exchange.
In late June, Polymarket told CNBC that its annualized revenue was well above $1 billion. The company launched its regulated U.S. exchange in May.
Polymarket's U.S. exchange volume, according to Dune Analytics.
Data from Dune Analytics shows Polymarket's U.S. exchange is performing more than $100 million in notional volume per day, an increase from approximately $75 million at the end of May. The company's international platform is recording daily notional volume above $150 million.
Polymarket uses blockchain infrastructure and cryptocurrency-based settlement. In contrast, its rival Kalshi operates a federally regulated exchange in the U.S. Kalshi announced the closure of a funding round in May that valued the company at $22 billion and is reportedly seeking new funds at a $40 billion valuation.
Prediction markets let people 'put your money where your mouth is' when disagreeing with consensus.
The platform is a 'very useful thermometer of the world' helping people assess future events.
Coplan stated his long-term vision is to expand the platform into a broader 'almanac for the future.'
