Prediction market platform Polymarket is moving fast through capital channels. A funding round currently under discussion would lift the company's valuation past $20 billion, per a source close to the talks. That number follows a $15 billion valuation just four months ago, when the firm raised another round in April.
The new talks come after Polymarket told CNBC in June that its annualized revenue exceeded $1 billion. This followed the May launch of its regulated U.S. exchange, a key step that expanded the company's access to a broader market. Notional volume on the U.S. exchange is now over $100 million per day, up from $75 million at the end of May. The international platform, meanwhile, tops $150 million per day.
The company did not respond to requests for comment. But it is clear the money is flowing. Intercontinental Exchange, which owns the New York Stock Exchange, already made a $600 million direct investment in Polymarket earlier this year, part of the April funding round.
The prediction market industry is surging while companies remain private. Polymarket's main competitor, Kalshi, recently raised a $22 billion valuation and is now aiming for $40 billion in a new round. Both companies are building volume at a clip, with little public oversight.
If Polymarket secures the new round, it will be the first since the U.S. exchange's public launch in May. The platform had operated behind a waitlist since December, which helped build demand before opening fully.