Polymarket, a prediction market platform, is raising approximately $1 billion in a round led by 1789 Capital, at a valuation of around $21 billion, according to The Wall Street Journal.
Notably, 1789 Capital is also where Donald Trump Jr. serves as a partner. The fund plans to invest an additional $300 million into Polymarket in this new round, significantly increasing its total investment from around $200 million previously, making it one of the platform’s largest investors.
Even so, Polymarket’s largest investor remains Intercontinental Exchange (ICE), the parent company of the NYSE. In a regulatory filing in July, ICE stated that its $1.6 billion investment represented approximately 22% of Polymarket’s outstanding shares.
A $21 billion valuation places Polymarket among the most valuable crypto companies and further reinforces the position of prediction markets as a major capital magnet in this cycle. The 2024 U.S. election thrust Polymarket into the media spotlight as political betting volumes surged, and the platform has since expanded into various other markets, from macroeconomics to sports events.
A notable aspect of this deal is the growing footprint of political figures in Polymarket’s equity. A fund tied to the Trump family sharply increasing its stake reflects both the growth potential of prediction markets and raises questions about the neutrality of a platform pricing political events while having shareholders closely tied to politicians. Nevertheless, this remains information reported by the WSJ, with no official confirmation yet from the involved parties regarding the final amount and valuation.