Prediction market platform Polymarket is in the final stages of discussions that could set its valuation at over $20 billion. A source with knowledge of the matter told CNBC the talks are underway, following the company's May launch of a regulated U.S. exchange and reports of revenue exceeding $1 billion.
The company did not confirm the details, and a request for comment was not returned. The potential valuation would represent a jump from the $15 billion it achieved in April after closing a round reported in The Information. That round included a $600 million cash investment from Intercontinental Exchange in March, according to Bloomberg.
Kalshi, Polymarket's main rival, closed a $22 billion valuation round in May. The Financial Times also reported in June that Kalshi was in talks to raise new funds, aiming for a $40 billion valuation in the third quarter.
The U.S. exchange, which officially launched in May, is now seeing notional daily trading volume north of $100 million, according to Dune Analytics. That's up from $75 million at the end of May. The international platform is also seeing more than $150 million in daily notional volume.
The platform first launched in December with a waitlist, but has since grown its user base and trading activity rapidly. A new fundraising round would be the first since the exchange's public opening.